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Tom Boggioni
March 22, 2024 1:05PM ET
Tom Boggioni
Senior Editor
Tom Boggioni is a writer, born, raised and living in San Diego — where he attended San Diego State University. Prior to writing for Raw Story, he wrote for FireDogLake, blogged as TBogg, and worked in banking, marketing and construction.
Photos: Shutterstock
Moments after Digital World Acquisition Corporation voted to merge with Trump Media, the parent company for Donald Trump's Truth Social platform, its stock took a quick drop — losing 12 percent of its value at one point.
According to a report from CNBC, stock for the company which will be listed as DJT starting next week, began the day at $44.20 before taking a quick nosedive to below $38, before a bounceback to 3.5 percent below opening.
The former president was expected to see a $3 billion windfall after the merger was completed but, by the time he is able to sell any portion of his stock, that dollar figure could change radically downward as other investors cash out.
ALSO READ: Here's why conservative elites are bailing on Trump now
As CNBC is reporting, "A total of 11% of the tradable shares of DWAC are being sold short, FactSet data shows."
"This means investors holding these positions are betting the price will fall before they have to buy the shares back and return them to the entities who loaned the shares to them," the report adds.
Criminal defense lawyer Robert DeNault had warned investors should expect to see drops now that the merger was approved.
"The [Special purpose acquisition companies] merger between Digital World and Trump Media/Truth Social is vastly overvalued and the stock price will plummet in short order," he wrote.
You can read more here.
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Matthew Chapman
March 22, 2024
The House GOP majority is hanging by a thread — and political analysts are taking notice.
On Friday, House Speaker Mike Johnson (R-LA) was dealt yet another blow when Rep. Mike Gallagher (R-WI) became the latest of multiple GOP lawmakers to announce he would not complete his term, instead saying he will resign effective on April 19.
This comes after Rep. Ken Buck (R-CO), another lawmaker who announced his upcoming resignation, thumbed his nose at GOP leadership on his way out the door by joining Democrats' in voting on aid to Ukraine.
Experts were quick to note that Johnson is running out of votes to do anything — which is not ideal as Rep. Marjorie Taylor Greene (R-GA) introduced a motion to vacate the chair — the exact same tactic that led to former Speaker Kevin McCarthy being run out of his job.
And one said the April 19 date wasn't randomly chosen.
"WOW! Like Buck, Mike Gallagher carefully timed his departure," theorized congressional strategist Aaron Fritschner. "Under Wisconsin law, congressional vacancies occurring 'prior to the 2nd Tuesday in April' in an election year get filled on a faster timeline.
"An April 19th resignation will keep Gallagher's seat vacant until November."
"House GOP majority is becoming invisibly thin," wrote CBS News reporter Scott MacFarlane on X. "Rep. Mike Gallagher (R-WI) announces he'll resign on April 19; Gallagher, 40, chairs a House select committee."
ALSO READ: Here's why conservative elites are bailing on Trump now
"WOW, another House Republican, Mike Gallagher, is LEAVING the House on April 19, which will leave the GOP with an even smaller one-vote margin!" wrote Democratic strategist Majid Padellan, known by the alias Brooklyn Dad Defiant. "Another one bites the dust, and the insanity of MAGA Republicans is completely to blame!"
"In the old days people tended to serve out their terms more," posted Talking Points Memo's Josh Marshall. "What sticks out to me tho is that when someone left early it was usually for a family issue or they had a new gig that required starting right away. With Buck & Gallagher it seems to be just f--k this."
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GOP lawmaker says Republicans talk a big game on impeachment but 'don't have guts' to vote
Sky Palma
March 22, 2024
According to a GOP lawmaker speaking to CNN Friday, the months-long Republican effort to impeach President Joe Biden will likely end without a vote because his fellow Republicans "don't have the guts" to follow through.
“Yeah, that’s not gonna happen, but I wish we would vote on it regardless,” Rep. Tim Burchett (R-TN) said when asked about the status of the impeachment effort.
Critics of Republicans widely agreed that the eight-hour impeachment inquiry hearing that took place on Wednesday ended without any notable bombshells in regards to claims that Biden financially benefitted from the business dealings of his son, Hunter.
According to Burchett, Republicans talk a big game in public when it comes to impeachment but have a very different tune in private.
Also read: 'Disaster': Fox News accused of goading GOP into impeachment then throwing party under bus
"I'm willing to vote on it," he told CNN’s Jim Acosta. "I wish these other members would vote on it so they can quit saying up here that they're not for it and then go home and tell all their folks at the Reagan Day dinners and Lincoln Day dinners, 'Dadgummit, I'm for impeachment, I'm gonna vote,' but they don’t have the guts to do it."
As HuffPost pointed out, Burchett made similar comments earlier this week.
Speaking to NewsNation after the hearing Wednesday, Burchett said, “We’re not gonna have the votes. That’s clearly the case," adding, “And I don’t think we ever did.”
Other Republicans have voiced similar concerns, one being Rep. Troy Nehls (R-TX) who told Fox News last week that Republicans have "laid out a good case for impeaching," but "I just don’t think we have the will to do it.”
Watch the video below or at this link.
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Matthew Chapman
March 22, 2024
Fox News did more than practically any other organization to goad House Republicans into launching an impeachment investigation into President Joe Biden — and now that the project is falling apart, it's throwing the same lawmakers under the bus, argued Media Matters' Matt Gertz for MSNBC.
The investigation centered on theories that Biden laundered international bribes through the foreign business dealings of his son Hunter but, despite a long series of hearings held by the House Oversight and Judiciary Committees, no hard evidence has been found. The most recent hearing, featuring Hunter Biden's former business partner Tony Bobulinski as the GOP's star witness, went completely off the rails.
Even Fox News anchors now understand this, Gertz wrote. Sean Hannity initially promised to reveal the most damning "highlights" from the Bobulinski hearing on Wednesday, but when no such highlights were good for the GOP he immediately switched gears and talked about Biden's poll numbers.
"Hannity did more than perhaps any other single figure to will the impeachment probe into existence," wrote Gertz. "Since 2018, he has led a Fox propaganda campaign aimed at using lies about the younger Biden’s foreign business interests to damage his father’s political standing.
ALSO READ: Here's why conservative elites are bailing on Trump now
"The resulting House Republican impeachment effort has both followed Fox’s lead and played out in large part on its airwaves. But it has utterly failed to produce evidence of wrongdoing by the president that would convince anyone other than the network’s most fervent fans."
As the impeachment inquiry has become an "unmitigated debacle" for the GOP, Gertz continued, Fox anchors are now beginning to attack the very Republican lawmakers who are doing what they demanded in the first place, with Dana Perino complaining they, “Just keep doing the same hearing over and over again, and people are starting to wonder, at some point do you fish or cut bait?”
Ultimately, he concluded, "The big tell that the case is collapsing came from Hannity. He gave the hearing only a couple of minutes of airtime in the middle of his opening monologue ... He didn’t bring on any of the committee chairs to expound on what they had proven, or his typical legal analysts to accuse Biden of crimes. Instead, he just moved on to other topics."
House Republicans, he added, would do well to follow Hannity's lead.
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