Donald Trump's extensive history of business failures was documented in new legal filings by his new business partners.
"Donald Trump’s business history has been so filled with disastrous ventures that it’s been hard to keep track of them all," wrote Los Angeles Times business columnist Michael Hiltzik. "No longer. Digital World Acquisition Corp., which is the special purpose acquisition company, or SPAC, taking Trump’s 'Truth Social' media platform public, has conveniently listed them in a document it is required to file publicly before selling stock. DWAC is aiming to raise at least $875 million."
Hiltzik linked to the S-R registration statement, which he described as "hilarious reading." The 107th page of the filing begins a section on “Risks Related to our Chairman President Donald J. Trump.”
“A number of companies that were associated with President Trump have filed for bankruptcy,” the filing states. “There can be no assurances that TMTG [Trump Media & Technology Group] will not also become bankrupt.”
The document details Trump's history of repeatedly bankrupting casinos.
“The Trump Taj Mahal, which was built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991. The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by President Trump at the time, filed for Chapter 11 bankruptcy in 1992. THCR, which was founded by President Trump in 1995, filed for Chapter 11 bankruptcy in 2004. Trump Entertainment Resorts, Inc., the new name given to Trump Hotels & Casino Resorts after its 2004 bankruptcy, declared bankruptcy in 2009," it acknowledged.
It also noted the demise of other organizations associated with the former reality-TV star, specifically listing, Trump Shuttle, Inc., Trump University, Trump Vodka, Trump Mortgage, LLC, travel website GoTrump.com and Trump Steaks.
The document also noted Trump's legal exposure as he is reportedly under investigation in multiple states and by the House Select Committee Investigating the Jan. 6 Attack on the U.S. Capitol.
"President Trump is involved in numerous lawsuits and other matters that could damage his reputation, cause him to be distracted from the business or could force him to resign from TMTG’s board of directors," the document reads. "Additionally, TMTG’s business plan relies on President Trump bringing his former social media followers to its platform. In the event any of these, or other events cause his followers to lose interest in his messages, the number of users of TMTG’s platform could decline or not grow as TMTG has assumed."
The document listed lawsuits by Capitol Police Officers, members of Congress, the NAACP Legal Defense Fund along with investigations by the district attorneys in Manhattan and Georgia, along with New York Attorney General Letitia James. It also noted lawsuits from protesters, Michael Cohen and writer E. Jean Carroll.
"Although TMTG is not a party to any of the above-referenced matters, TMTG cannot predict what effect, if any, an adverse outcome to such matters, or even their continued existence, may have on President Trump’s personal reputation and TMTG’s business or prospects," it wrote.
Hiltzik, the LA Times business columnist, identified what he said may be "the scariest line in the entire document" for investors.
“The foregoing does not purport to be an exhaustive list," it reads.
Read the full report.