Legal AF by MeidasTouch - Trump STRICKEN with Financial DISASTER at Worst Time

Episode Date: August 13, 2024

Trump just tanked his own Truth Social stock by returning to Elon Musk and “X” undermined the sole asset his media company had: Trump’s exclusivity. Michael Popok gives his unique Wall Street perspective on the inadvertent misstep by Trump the campaigner, crushing the hopes and dreams of his retail MAGA investors in order to fuel his desperate campaign against VP Harris. Head to https://Lumen.me/legalaf and use code: LEGALAF to get 15% off your lumen today! Visit https://meidastouch.com for more! Join the Legal AF Patreon: https://Patreon.com/LegalAF Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices

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this easy? Stack more, spend less. Like way less. The HappyStack, only at KUDO. Now with Internet. This is Michael Popak, Legal AF. Donald Trump, the failed businessman, has got to be pretty pissed at Donald Trump, the presidential candidate, right about now because Donald Trump, the presidential candidate, is making moves to tank the stock of his own company by about 5% on the moment that Donald Trump went on with Elon Musk and returned to X.

The return of Donald Trump to X started with a video, the first posting in several years, followed by a gaffe-filled, technologically challenged interview with Elon Musk that rambled on for two hours of sheer boredom. If you needed to have root canal without any anesthesia, you would tune in to that interview. But what's the impact on the stock you might ask, Michael Popak? And I'm here to tell you. Here's the impact. The sole asset of Truth Social, and nobody will disagree with me, including Donald Trump and his people, is Donald Trump. And Donald Trump staying off of other social media platforms and people having to pay an entry fee, i.e. join Truth Social in order to hear from their cult leader, Donald Trump.

Now, if Donald Trump is appearing back on X and back on Twitter, that compromises the major and only asset of Truth Social and the investing market, recognized it and dropped the stock over 5%. That stock is down and has already crushed thousands and thousands of investors who are never going to see the light of day. In other words, they're never going to see their money back because they invested at Donald Trump, right? And they invested on them at a really high number,

which is now being crushed. The only asset it has is Donald Trump. And if Donald Trump can be found through other distribution channels like social media owned by Elon Musk, then what is the purpose of truth social? Like when you read it's reason, it's raison d'etre, it's reason for existing. What is it? It was and was sold to the investing public as you can't get Donald Trump anywhere else.

He's banned from and he's deplatformed from all these other social media platforms, like Truth Social, like X, you can only get them on Truth Social. And then Donald Trump turns around and says, oh, I better reach a wider audience than the four million active daily users, which by the way, the world of social media is like nothing.

It's like zero. There are influencers that have more than four million daily users, which by the way, the world of social media is like nothing. It's like zero. There are influencers that have more than 4 million daily users. The Midas Touch Network has multiples of 4 million. I think we do 30 million views of our work in a 48-hour period just to show you what we're talking about. And so even Donald Trump had to say, well, I better go someplace where somebody's watching and I better go over to Twitter with Elon Musk and get some eyeballs on me. But of course, the asset is degraded over on Trump, over on Truth Social. And it was called out, Emperor Has No Clothes, as disgusting as that imagery is for Donald Trump, by the brokers.

The Wall Street brokers were like like tank, 5% drop. And this is off a company that's already reported almost $400 million of loss in the last two quarters. $400 million of loss. That means in order to round out the year in the block, to round out the year in the black, they're going to have to magically make $400 million plus a dollar and avoid other losses for the next two quarters in order to be in the black. Not happening. Their burn rate appears to be approximately $100 million a month. That's the amount of money that they're spending and wasting on who knows what. They have no programming, they have no content to speak of. And now Donald Trump has decided

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So you can keep up your energy and stave off cravings. So if you wanna take the next step at improving your health, go to lumen.me slash LegalAF to get 15% off your lumen. me slash legal AF to get 15% off your Lumen. That's L-U-M-E-N dot M-E slash legal AF for 15% off your purchase. Thank you Lumen for sponsoring this episode. Right at the moment when the stock is teetering already because people are recognizing that the only buyers

that are buying it, the sucker bet, are the people who are diehard Magat Trump supporters and they want to own a stock certificate, a digital stock certificate that says they own a piece of Donald Trump. As I've said, Donald Trump is for sale, foreign or domestic. You can invest in Donald Trump and try to influence his policy. The stock ticker is DJT. You can literally buy Donald Trump. And that's what people are doing.

And it's not the small retail investor It's the behind-the-scenes people that are taking other things like Investing by convertible notes and debt into the company debt that they can convert into stock if the stock ever takes off Those are the true, you know federalist society people in the oil and gas industry Who are trying to influence Donald Trump's policy should he return to office. That's what's going on in the smoke-filled rooms, the back rooms, the back offices of this entity. On the front, it's just a crush of all the widows and orphans and MAGA that own the stock.

Those are the ones that are being hurt and Donald Trump doesn't care because he's trying to get reelected to an order or try to get elected again in order to avoid criminal prosecution and jail time. Not that that will work, that gambit will not work. This elaborate game of musical chairs to avoid prison is going to end very soon and badly for Donald Trump because that music is gonna stop and he's paying, talk about a burn rate,

he's paying $30 or $40 million a month in legal fees. That's going to stop and he's not going to have a chair. He's going to have a jail cell, a jail cell, but he's not going to have a chair at the end of that elaborate game of musical chairs. But look what's going on. I'm taking this from the perspective that somebody who's worked on Wall Street on the law side and kind of look and kind of know the broker culture and know the equity culture here. And they are just going, wait a minute, what is the reason for existing of this company? What is its competitive advantage?

It only had one. Donald Trump couldn't be found anywhere else in terms of social media and posts and mean tweets as they say. Donald Trump couldn't be found anywhere else in terms of social media and posts and mean tweets, as they say. Now he's returned to Twitter and to X with this elaborately staged spaces BS interview. But look beneath it, and that's what the investors and the brokers are doing.

What does it mean? It means there's a chance he's gonna spend a lot of time back with Musk and X and less time and less exclusive time as an asset of the Trump social truth social Trump media group asset. And that is a problem for the stock that doesn't have any other assets. I mean, sure, they're going to like open up some BS streaming service at some point and they got into bed with somebody who owns the company who's also in the oil and petroleum and gas business in Texas and in Oklahoma and is trying to influence petroleum policy by doing an investment with Donald Trump to do a streaming service for Truth Social. Follow that? That's what's going on behind the scenes. But I just find it, the height

of hypocrisy, that Donald Trump stands in front of a microphone and tells the American people he's for the little guy. He's from Main Street. He's going to stop taxing people on their tips. You know, he's just like you and me, just like you and me. If Donald Trump saw a person below his economic station on fire in the middle of the street, he wouldn't stop to urinate on that person to put the flames out. Let's be frank. I live in New York.

I know Donald Trump and his kind. I've rubbed elbows sort of near Donald Trump and people in his inner circle. You know, my office is near his office. I've been in New York for a long time. And as Kamala Harris puts it so eloquently, I know the kind, I know the type. And the fact that it should come as no surprise that he's willing to crush the retail investor in his stock in order to try it in a narcissistic way, in his

avarice, his greed to get back into power, he'll do anything, including undermining. The only bailout for him, the only financial relief for him is if he can ever get his hands on the billions of dollars potentially of the market value of that company. If the rate he's, in undermining it, in undermining its sole asset, that's never gonna happen. We'll continue to follow it all from our unique perspective on the Midas Touch Network and on Legal AF every Wednesday and Saturday

at 8 p.m. Eastern time, where we curate the top stories at the intersection of law and politics. We bring it to you just like this. Wednesdays, I've got a co-anchor, it's Karen Freeman at Kniflo. Saturdays, it's Ben Micellus. And then on hot ticks like this one about every hour. If you like what I'm doing, leave me a comment and a thumbs up. It signals to the algorithmic gods that you like the content and it will continue to come to you. So until my next hot tick,

until my next Legal AF, this is Michael Popak reporting. Hear ye, hear ye, Legal AF Law Breakdown is now in session. Go beyond the headlines and get a deep PopePak reporting.