Mary Trump Says Uncle Donald 'Willing To Do Business With Anyone' After Reports Emerge Trump Media Was Bailed Out By Russian-American Businessman Under Federal Probe

Trump Media & Technology Group Corp DJT, the social media venture of former US President Donald Trump, was able to make its public debut last week, largely due to emergency loans received in 2022. A Russian-American businessman, currently under federal investigation for insider trading and money laundering, partly provided these loans, according to a report.

What Happened: Trump Media was on the verge of failing to merge with Digital World Acquisition Corporation, a move that would have taken the parent company of Truth Social public. This was due to a securities investigation into the merger in 2021, which led to the company rapidly depleting its cash reserves while awaiting its stock market debut, reported The Guardian.

See Also: Jimmy Kimmel Mocks Trump’s Truth Social Rant: ‘If That Was Your Dad, You’d Have Him Put Away, Right?’

Trump Media turned to emergency loans, including those from an entity known as ES Family Trust. This trust is associated with Paxum Bank, a small bank registered in Dominica. Leaked documents indicate that ES Family Trust functioned as a shell company for Anton Postolnikov, a Russian-American businessman who co-owns Paxum Bank and is under federal investigation in relation to the Trump Media merger, according to the report.

Postolnikov, who has not been charged with a crime, seems to have used the trust to loan money to Trump Media as his bank was unable to provide the loan due to the absence of a U.S. banking license. There is no evidence to suggest that Trump or Trump Media were aware of the nature of the loans.

Benzinga has reached out to Trump Media. At the time of writing, a response was awaited from the company.

On the same day, Mary Trump — a niece of the ex-president — reacted to the news on X, formerly Twitter.

She said, “Donald has shown time and again that he is willing to do business with anyone, and take money from anyone, as long as it serves his interests.”

Why It Matters: The Trump Media merger has been fraught with difficulties and delays, as reported by Benzinga.

The company’s stock, Trump Media & Technology Group Corp took a tumble recently after the company disclosed tens of millions of dollars in losses.

Furthermore, two brothers have recently admitted to a $22 million insider trading scheme linked to the company.

Price Action: Trump Media & Technology Group shares closed 5.4% lower at $48.81 in the regular session. The shares were trading 0.5% in the after-hours trading, according to data from Benzinga Pro.

Read Next: Trump’s Niece Says Ex-President’s ‘Scheme Might Already Be Backfiring’ After TMTG Stock Plunge Erodes His Net Worth: ‘Donald’s Bubble Pops’

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Posted In: NewsPoliticsGeneralAnton PostolnikovDigital World Acquisition CorpMary TrumpPaxum BankShivdeep DhaliwalTrump MediaTrump Media & Technology Group
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