Week in Review: Trump’s Ticker Triumphs
Donald Trump, former American president, enjoyed a significant surge in his financial standing – at least on paper – when his new venture, Trump Media & Technology Group (TMTG), made a dramatic debut on Wall Street this week. Taking a hiatus from his silence-money trial, Trump saw his shares in the company, represented by ticker symbol “DJT”, leap by up to 58 per cent on the Nasdaq, resulting in intermittent trading suspensions due to extreme fluctuations. The entity’s shares still managed to end the first day up by 16 per cent, meaning Trump’s 60 per cent ownership in the company was worth an estimated $4.6 billion (£3.4 billion) – a windfall that could potentially offset his legal charges, pending certain corporate formalities.
Despite its debut success, however, critics are sceptical about the almost $8 billion valuation of TMTG, a company considered to be loss-making. The group, which cites Trump’s favoured platform, Truth Social, as its key asset, reported a mere few million dollars in revenue for the initial nine months of 2023. Whether the valuation is feasible or not, it’s clear that Trump’s proximity to the White House plays a significant role.
Trump co-founded TMTG with two former participants of The US Apprentice, Andy Litinsky and Wes Moss. They have recently filed a lawsuit against the company for trying to downsize their stake. Nonetheless, they’re more than likely to profit from collaborating with Trump.
Digest in Digits: The Champagne Challenge
15%
French vineyard owners aim to expand the official champagne-producing region by up to this percentage to meet the high demand from connoisseurs who shun imitations.
34,000
The current number of hectares included in the official champagne zone, as defined by a 1927 law. Many mayors who supported anti-bubble decisions had mistakenly opined that local farmers should focus more on producing cereals. The move has sparked decades of resentments and remorse.
6
The number of years anticipated before any cultivation begins in the expanded champagne-production area. The updated map is expected to be finalised within the year. Current vineyard owners, however, fear this could lead to an oversupply of champagne.
Spotlight on: Steve Mollenkopf.
Steve Mollenkopf, who has held a position on Boeing’s board of directors for four years, is set to take the reins as chairman of the beleaguered aviation manufacturer, after Larry Kellner steps down in May. Prior to this, Mollenkopf had a seven-year stint as the CEO of Qualcomm, a chipmaker, up until 2021. His colossal mission begins with the task of picking a new CEO after the departure of Dave Calhoun at the close of the year.
So, what attributes are required for the future CEO of Boeing? Mollenkopf, having had experience with the CEO-advisory service, Consello Group, lead by Declan Kelly, probably has some insights on what constitutes a great leader. In this particular situation, a knack for managing a firm that prevents terrifying cabin panel blowouts mid-flight is crucial, as well as the capability to mollify significant clients, such as Michael O’Leary.
A recent blockbuster event by Heritage Auctions yielded a whopping $15.7 million (€14.5 million) in sales the firm aptly titled, “Treasures from Planet Hollywood”. This has become the second largest auction of props and costumes from the film industry, following the 2011 sale of memorabilia that belonged to Debbie Reynolds. The auction saw 5,500 participants battling for these items.
1. The woolly hat worn by Kevin McCallister: This piece, sported by Macaulay Culkin in Home Alone, sold for a surprising $81,250. At such a price, it would need to serve a few winters.
2. Indy’s whip: The iconic prop used by Harrison Ford in Indiana Jones and the Temple of Doom fetched a whopping $525,000. That’s about enough to cover the therapy bills of those who watched the movie as children.
3. A Hollywood bowl: Bill Murray’s red-rose bowling ball from the film Kingpin sold for a notable $350,000, making it the priciest bowling ball globally.
4. Jack’s Axe: The weapon utilised by Jack Nicholson in ‘The Shining’ to break down a bathroom door went for a steal at $125,000. The victorious bidder will inevitably shout “here’s Johnny” at their forthcoming gatherings.
The notable Titanic door panel prop that Rose, portrayed by Kate Winslet, drifted on facilitating her survival in James Cameron’s cinematic masterpiece was auctioned at a hefty sum of $718,750. This piece has always stirred debate, mainly because, despite Cameron’s numerous laboratory tests to contradict, it was seemingly large enough to accommodate Jack, Leonardo DiCaprio’s character, as well.