Ever since pretty much every reputable social media platform from Facebook to Twitter and all the good ones in between threw Donald Trump off their sites in a cloud of disgrace and shame, never to allow him to return, the now-ex-president has been gung ho to start his own social media site where no one can tell him what to do.
But Trump’s journey to social media founder stardom hasn’t been an easy one.
Not long ago, we reported that Trump has seemingly acquired a good portion of his social media platform funding from some pretty sketchy sources. And now, according to a bombshell new report from the New York Times, the one-term, twice-impeached former guy may have had no choice but to resort to these less-than-ideal investments, because Wall Street just was not interested in the former guy, nor the potential risk he posed to their reputations.
But that doesn’t mean Donald didn’t try with all his might.
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The new Times report deeply details Donald Trump’s struggle to acquire legitimate funding for his social media start-up. Apparently, the ex-president’s desperation for some cash hit a fever pitch when the company began to essentially offer to sell phone calls with the former president in exchange for a $100 million investment in the social media company.
But takers on the offer were not plentiful.
The Times reports:
Those willing to put up at least $100 million, Trump Media’s bankers told potential investors, would get a call from Mr. Trump, said five people who were briefed about the pitches but were not authorized to speak publicly. Despite the opportunity to invest in a deal whose terms were structured to make a profit for investors, many of Wall Street’s big names passed.
More than a dozen well-known hedge funds and investment firms were hesitant to go into business with Mr. Trump, people briefed on the matter said, because any association with him could risk alienating their investors, which often include public pension funds and foundations. Others were wary of Mr. Trump’s history of corporate bankruptcies and disputes with lenders and partners, and concerned that details about his media company were scant.”
The report goes on to later note, “Early on, Trump Media bankers told some prospective investors that they would get a call from Mr. Trump if they put in $100 million, according to interviews with those investors. Later on, other investors were told that $50 million was enough for a call.”
It seems Trump hasn’t caught on to the fact that his name and branding no longer mean what they once did. While it’s true that he was ultimately able to secure a few investors, his social media platform wasn’t the Wall Street free for all he undoubtedly thought it would be. No one wants to be caught dead near that guy anymore.
Read the full report from the Times here.
Featured image via Flickr/The White House
