Ƶ

Trump’s social media company gains in its first day of trading on Nasdaq

Trump’s social media company gains in its first day of trading on Nasdaq
Pedestrians walk past the Nasdaq building in New York on Tuesday, March 26, 2024. (AP)
Short Url
Updated 27 March 2024

Trump’s social media company gains in its first day of trading on Nasdaq

Trump’s social media company gains in its first day of trading on Nasdaq
  • Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors

NEW YORK: Shares of Donald Trump’s social media company rose about 16 percent in the first day of trading on the Nasdaq, boosting the value of Trump’s large stake in the company as well as the smaller holdings of fans who purchased shares as a show of support for the former president.
Trump Media & Technology Group Corp. merged Monday with a blank-check company called Digital World Acquisition Corp. Trump Media, which runs the social media platform Truth Social, has now taken Digital World’s place on the Nasdaq stock exchange.
Shares closed at $57.99, up 16.1 percent, giving the company a market value of $7.85 billion. At one point the stock was up about 59 percent. Trump holds a nearly 60 percent ownership stake in the company, now worth about $4.6 billion.
Many of those investing in Trump Media are small-time investors either trying to support Trump or aiming to cash in on the mania, instead of big institutional and professional investors. Those shareholders helped the stock of Digital World more than double this year in anticipation of the merger going through.
Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and X, formerly Twitter, following the Jan. 6 insurrection at the US Capitol. He’s since been reinstated to both but has stuck with Truth Social.
On Truth Social Tuesday, users were posting about being shareholders or seeking tips on how to buy shares.
One user urged conservatives to “get behind the DJT stock and sent it over $100 per share” to “drive the liberals insane!” Another declared: “Get yourself a piece of #DJT stock if your a true MAGA supporter.”
A day earlier, Trump Media CEO Devin Nunes, a former House Republican, said, “As a public company, we will passionately pursue our vision to build a movement to reclaim the Internet from Big Tech censors.”
Despite the enthusiasm, investors could experience a bumpy ride. For one, they’re betting on a company with uncertain prospects of turning a profit. Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.
In a recent regulatory filing, the company cited the high rate of failure for new social media platforms, as well as its expectation that its operations will lose “for the foreseeable future” as risks for investors.
Research firm Similarweb estimates that Truth Social had roughly 5 million active mobile and web users in February. That’s far below TikTok’s more than 2 billion and Facebook’s 3 billion — but still higher than other “alt-tech” rivals like Parler.
However, Trump Media has said it doesn’t keep track of some numbers that rivals use as key measures of their performance, such as average revenue per user or active user accounts. It says it wants to focus on the long-term instead of “short-term decision-making.”
For that long term, though, skeptics see struggles ahead for a company that’s estimated to have far fewer users than rivals in a business where gaining a critical mass is key.
“I think there is a possibility of, sooner or later, the stock price falling by 95 percent,” said Jay Ritter, a professor and expert on initial public offerings of stock at the University of Florida’s Warrington College of Business.
Brian Dunn, director of the Institute for Compensation Studies at Cornell University, compared the fervor for Trump Media shares to the meme stock craze that boosted shares of companies such as GameStop and AMC Entertainment to exorbitant heights in 2021.
“Like any meme stock or fad, as long as there’s a greater fool to buy you out for what you paid for it, than you can continue to prosper,” Dunn said, warning that small investors “could end up holding the bag when the music stops.”
On Monday, Trump told reporters that “Truth Social is doing very well. It’s hot as a pistol and doing great.” On Tuesday, he posted “I LOVE TRUTH SOCIAL, I LOVE THE TRUTH!,” on the platform.
The company, which is based in Florida, said in a recent regulatory filing that it “is highly dependent on the popularity and presence of President Trump.” Trump Media has acknowledged that there are risks associated with Trump’s outsized influence.
If the former president were to limit or discontinue his relationship with the company for any reason, including due to his campaign to regain the presidency, the company “would be significantly disadvantaged,” it said in a filing ahead of the merger with Digital World.
Acknowledging Trump’s involvement in numerous legal proceedings, the company noted that “an adverse outcome in one or more” of the cases could negatively affect Trump Media and Truth Social.
Another risk, the company said, was that as a controlling stockholder, Trump would be entitled to vote his shares in his own interest, which may not always be in the interests of all the shareholders generally.


Protesters’ biggest day expected at UN climate talks, where progress is slow

Protesters’ biggest day expected at UN climate talks, where progress is slow
Updated 19 sec ago

Protesters’ biggest day expected at UN climate talks, where progress is slow

Protesters’ biggest day expected at UN climate talks, where progress is slow
  • Several experts have said $1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can’t afford on their own
BAKU: The United Nations climate talks neared the end of their first week on Saturday with negotiators still at work on how much wealthier nations will pay for developing countries to adapt to planetary warming. Meanwhile, activists planned actions on what is traditionally their biggest protest day during the two-week talks.
The demonstration in Baku, Azerbaijan is expected to be echoed at sites around the world in a global “day of action” for climate justice that’s become an annual event.
Negotiators at COP29, as the talks are known, will return to a hoped-for deal that might be worth hundreds of billions of dollars to poorer nations. Many are in the Global South and already suffering the costly impacts of weather disasters fueled by climate change. Several experts have said $1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can’t afford on their own.
Panama environment minister Juan Carlos Navarro told The Associated Press he is “not encouraged” by what he’s seeing at COP29 so far.
“What I see is a lot of talk and very little action,” he said, noting that Panama is among the group of countries least responsible for warming emissions but most vulnerable to the damage caused by climate change-fueled disasters. He added that financing was not a point of consensus at the COP16 biodiversity talks this year, which suggests to him that may be a sticking point at these talks as well.
“We must face these challenges with a true sense of urgency and sincerity,” he said. “We are dragging our feet as a planet.”
The talks came in for criticism on several fronts Friday. Two former top UN officials signed a letter that suggested the process needs to shift from negotiation to implementation. And others, including former US Vice President Al Gore, criticized the looming presence of the fossil fuel industry and fossil-fuel-reliant nations in the talks. One analysis found at least 1,770 people with fossil fuel ties on the attendees list for the Baku talks.
Progress may get a boost as many nations’ ministers, whose approval is necessary for whatever negotiators do, arrive in the second week.

US plane hit by gunfire on Dallas runway: aviation agency

US plane hit by gunfire on Dallas runway: aviation agency
Updated 18 min 53 sec ago

US plane hit by gunfire on Dallas runway: aviation agency

US plane hit by gunfire on Dallas runway: aviation agency

WASHINGTON: A Southwest Airlines plane was hit by gunfire while taking off from an airport in the US city of Dallas on Friday, the Federal Aviation Administration said.
“While taxiing for takeoff at Dallas Love Field Airport, Southwest Airlines Flight 2494 was reportedly struck by gunfire near the cockpit,” a statement on the FAA’s website said.
“The Boeing 737-800 returned to the gate, where passengers deplaned.”
The incident happened at around 8:30 p.m. Friday (0230 GMT Saturday), with the flight headed from Dallas, Texas, to Indianapolis, Indiana.
There were no reported injuries, according to a statement from Dallas Love Field Airport on social media platform X.
 


Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine

Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine
Updated 16 November 2024

Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine

Investigation reveals a Russian factory’s plan to mix decoys with a new deadly weapon in Ukraine
  • Unarmed decoys now make up more than half the drones targeting Ukraine and as much as 75 percent of the new drones coming out of the factory in Russia’s Alabuga Special Economic Zone

KYIV: A high-tech factory in central Russia has created a new, deadly force to attack Ukraine: a small number of highly destructive thermobaric drones surrounded by huge swarms of cheap foam decoys.
The plan, which Russia dubbed Operation False Target, is intended to force Ukraine to expend scarce resources to save lives and preserve critical infrastructure, including by using expensive air defense munitions, according to a person familiar with Russia’s production and a Ukrainian electronics expert who hunts them from his specially outfitted van.
Neither radar, sharpshooters nor even electronics experts can tell which drones are deadly in the skies.
Here’s what to know from AP’s investigation:
A deadly mix
Unarmed decoys now make up more than half the drones targeting Ukraine and as much as 75 percent of the new drones coming out of the factory in Russia’s Alabuga Special Economic Zone, according to the person familiar with Russia’s production, who spoke on condition of anonymity because the industry is highly sensitive, and the Ukrainian electronics expert.
The same factory produces a particularly deadly variant of the Shahed unmanned aircraft armed with thermobaric warheads, the person said.
During the first weekend of November, the Kyiv region spent 20 hours under air alert, and the sound of buzzing drones mingled with the boom of air defenses and rifle shots. In October, Moscow attacked with at least 1,889 drones – 80 percent more than in August, according to an AP analysis tracking the drones for months.
On Saturday, Russia launched 145 drones across Ukraine, just days after the re-election of Donald Trump threw into doubt US support for the country.
Since summer, most drones crash, are shot down or are diverted by electronic jamming, according to an AP analysis of the Ukrainian military briefings. Less than 6 percent hit a discernible target, according to the data analyzed by AP since the end of July. But the sheer numbers mean a handful can slip through every day – and that is enough to be deadly.
The drone lab
Tatarstan’s Alabuga zone, an industrial complex about 1,000 kilometers (600 miles) east of Moscow, is a laboratory for Russian drone production. Originally set up in 2006 to attract businesses and investment to Tatarstan, it expanded after the 2022 invasion of Ukraine and some sectors switched to military production, adding new buildings and renovating existing sites, according to satellite images analyzed by The Associated Press.
In social media videos, the factory promoted itself as an innovation hub. But David Albright of the Washington-based Institute for Science and International Security said Alabuga’s current purpose is purely to produce and sell drones to Russia‘s Ministry of Defense. The videos and other promotional media were taken down after an AP investigation found that many of the African women recruited to fill labor shortages there complained they were duped into taking jobs at the plant.
Russia and Iran  signed a $1.7 billion deal for the Shaheds in 2022, after President Vladimir Putin invaded neighboring Ukraine, and Moscow began using Iranian imports of the unmanned aerial vehicles, or UAVs, in battle later that year. Soon after the deal was signed, production started in Alabuga.
The most fearsome Shahed adaptation so far designed at the plant is armed with thermobarics, also known as vacuum bombs, the person with knowledge of Russian drone production said.
The plan to develop unarmed decoy drones at Alabuga was developed in late 2022, according to the person with knowledge of Russian drone production. Production of the decoys started earlier this year, said the person, who agreed to speak only on condition of anonymity. Now the plant turns out about 40 of the unarmed drones a day and around 10 armed ones, which are more expensive and take longer to produce.
The vacuum bomb
From a military point of view, thermobarics are ideal for going after targets that are either inside fortified buildings or deep underground. They create a vortex of high pressure and heat that penetrates the thickest walls and, at the same time, sucks out all the oxygen in their path.
Alabuga’s thermobaric drones are particularly destructive when they strike buildings, because they are also loaded with ball bearings to cause maximum damage even beyond the superheated blast.
Serhii Beskrestnov, a Ukrainian electronics expert and more widely known as Flash whose black military van is kitted out with electronic jammers to down drones, said the thermobarics were first used over the summer and estimated they now make up between 3 percent and 5 percent of all drones.
They have a fearsome reputation because of the physical effects even on people caught outside the initial blast site: Collapsed lungs, crushed eyeballs, brain damage, according to Arthur van Coller, an expert in international humanitarian law at South Africa’s University of Fort Hare.
For Russia, the benefits are huge.
An unarmed drone costs considerably less than the estimated $50,000 for an armed Shahed drone and a tiny fraction of the cost of even a relatively inexpensive air defense missile. One decoy with a live-feed camera allows the aircraft to geolocate Ukraine’s air defenses and relay the information to Russia in the final moments of its mechanical life. And the swarms have become a demoralizing fact of life for Ukrainians.


Ten babies die in fire at Indian hospital’s neonatal unit

Ten babies die in fire at Indian hospital’s neonatal unit
Updated 16 November 2024

Ten babies die in fire at Indian hospital’s neonatal unit

Ten babies die in fire at Indian hospital’s neonatal unit
  • The blaze broke out late on Friday at the Maharani Laxmibai Medical College in Jhansi district

LUCKNOW: Ten newborn babies died from burns and suffocation after a fire swept through a neonatal intensive care unit in northern India, a government official said on Saturday.
The blaze broke out late on Friday at the Maharani Laxmibai Medical College in Jhansi district about 285 km (180 miles) southwest of Lucknow, the capital of Uttar Pradesh state.
Emergency responders rescued 38 newborns from the ward, which housed 49 infants at the time of the incident, said state Deputy Chief Minister Brajesh Pathak.
“Seventeen of the injured are receiving treatment in different wings and some private hospitals,” Pathak told reporters in Jhansi. Seven of the deceased infants have been identified, while the authorities are working to identify the remaining three, he said.
One infant remains missing, said a government official who asked not to be identified as he is not authorized to speak to media.
The cause of the fire remains unknown. Uttar Pradesh Chief Minister Yogi Adityanath ordered an inquiry into the incident.
Indian Prime Minister Narendra Modi expressed condolences over the “heart-wrenching” incident.
“My deepest condolences to those who lost their innocent children in this,” Modi posted on the X platform. “I pray to God to give them the strength to bear this immense loss.”


Xi, Biden to meet as Trump return looms

Xi, Biden to meet as Trump return looms
Updated 16 November 2024

Xi, Biden to meet as Trump return looms

Xi, Biden to meet as Trump return looms
  • Trump’s comeback has cast a cloud of uncertainty over efforts by Washington and Beijing to ease their tense relationship

Lima: US President Joe Biden and Chinese counterpart Xi Jinping will meet for the last time Saturday, a day after both leaders warned of turbulent times ahead for the world as Donald Trump returns to the White House.
Their final encounter, taking place on the sidelines of an Asia-Pacific summit in Peru, has been overshadowed by the prospect of fresh trade wars and diplomatic upheaval when Trump starts his second term.
Trump’s comeback has cast a cloud of uncertainty over efforts by Washington and Beijing to ease their tense relationship, launched in a historic meeting between Xi and Biden in California a year ago.
The White House said Saturday’s Xi-Biden meeting at the Asia-Pacific Economic Cooperation (APEC) summit would “mark the progress” in the relationship between the United States and an increasingly assertive Beijing.
But it was also aimed at getting through a “delicate period of transition” and ensuring that competition with China “doesn’t veer into conflict,” US National Security Adviser Jake Sullivan said.
Trump’s crushing election win over Kamala Harris has caused shock waves around the globe and dominated the two-day meeting of heads of state of the 21-member APEC group.
The billionaire Republican has in particular signaled a confrontational approach to Beijing, threatening to impose tariffs of up to 60 percent on imports of Chinese goods to even out what he says is a trade imbalance.
He has also named two major China hawks in his top team, including his pick for Secretary of State, Marco Rubio.
Xi and Biden, who are meeting for the third time overall, warned separately at the summit on Friday of choppy waters ahead.
The Chinese president raised concerns about “spreading unilateralism and protectionism” in a written speech to the forum, China’s state news agency Xinhua reported.
For his part, Biden said the world had “reached a moment of significant political change,” as he met the leaders of Japan and South Korea — key US allies in Asia.
Biden said US ties with the two countries were essential for “countering North Korea’s dangerous and destabilizing cooperation with Russia” as Pyongyang sends troops to fight in Ukraine.
And with Biden racing to salvage what he can of his foreign policy legacy from Trump, he said the three-way alliance he had pioneered was “built to last. That’s my hope and expectation.”
A senior administration official insisted that Trump’s name had not come up during the meeting with the South Korean and Japanese leaders.
The return of Trump’s “America First” policies, however, threatens alliances Biden has built on issues ranging from the wars in Ukraine and the Middle East to climate change and trade.
During his first term, Trump repeatedly threatened to cut US defense commitments to Asian and European allies if they did not pay a larger share of the financial burden for their protection.
Economists say Trump’s threat of punitive tariffs would harm not only China’s economy but also that of the United States and its trading partners.
It could also threaten geopolitical stability.
China is building up its military capacity while ramping up pressure on self-governed Taiwan, which it claims as part of its territory.
Sullivan said Xi and Biden were set to discuss Taiwan and tensions in the South China Sea, where Beijing claims large swathes of maritime territory, he said.
They would also focus on keeping communication channels open, particularly military-to-military hotlines restored last year.
The APEC summit will wrap up on Saturday but Trump’s shadow is still set to cloud the international diplomatic agenda at a G20 summit in Rio de Janeiro next week.
Biden will also be heading there as part of a swing through Latin America in what is likely to be his last major foreign tour.
He will stop in the Amazonian rainforest on Sunday to highlight the impact of climate change — another key policy area likely to be affected by Trump, who has promised to “drill, baby, drill” for fossil fuels.