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How can Australia solve the math teacher shortage? It can start by training more existing teachers to teach math

by Ian Gordon, Mary P. Coupland and Merrilyn Goos, The Conversation

Imagine if you enrolled your child in swimming lessons but instead of a qualified swimming instructor, they were taught freestyle technique by a soccer coach.

Something similar is happening in classrooms around Australia every day. As part of the ongoing teacher shortage, there are significant numbers of teachers teaching " out-of-field ." This means they are teaching subjects they are not qualified to teach.

One of the subjects where out-of-field teaching is particularly common is math.

A 2021 report on Australia's teaching workforce found that 40% of those teaching high school mathematics are out-of-field (English and science were 28% and 29%, respectively).

Another 2021 study of students in Year 8 found they were more likely to be taught by teachers who had specialist training in both math and math education if they went to a school in an affluent area rather than a disadvantaged one (54% compared with 31%).

Our new report looks at how we can fix this situation by training more existing teachers in math education.

Why is this a problem?

Mathematics is one of the key parts of school education. But we are seeing worrying signs students are not receiving the math education they need.

The 2021 study of Year 8 students showed those taught by teachers with a university degree majoring in math had markedly higher results, compared with those taught by out-of-field teachers.

We also know math skills are desperately needed in the broader workforce. The burgeoning worlds of big data and artificial intelligence rely on mathematical and statistical thinking, formulae and algorithms. Math has also been identified as a national skill shortages priority area .

What do we do about this?

There have been repeated efforts to address teacher shortages, including trying to retain existing mathematics teachers, having specialist teachers teaching across multiple schools and higher salaries . There is also a push to train more teachers from scratch, which of course will take many years to implement.

There is one strategy, however, that has not yet been given much attention by policy makers : upgrading current teachers' math and statistics knowledge and their skills in how to teach these subjects.

They already have training and expertise in how to teach and a commitment to the profession. Specific training in math will mean they can move from being out-of-field to "in-field".

How to give teachers this training

A new report commissioned by mathematics and statistics organizations in Australia (including the Australian Mathematical Sciences Institute) looks at what is currently available in Australia to train teachers in math.

It identified 12 different courses to give existing teachers math teaching skills. They varied in terms of location, duration (from six months to 18 months full-time) and aims.

For example, some were only targeted at teachers who want to teach math in the junior and middle years of high school. Some taught university-level math and others taught school-level math. Some had government funding support; others could cost students more than A$37,000.

Overall, we found the current system is confusing for teachers to navigate. There are complex differences between states about what qualifies a teacher to be "in-field" for a subject area.

In the current incentive environment, we found these courses cater to a very small number of teachers. For example, in 2024 in New South Wales this year there are only about 50 government-sponsored places available.

This is not adequate. Pre-COVID, it was estimated we were losing more than 1,000 equivalent full-time math teachers per year to attrition and retirement and new graduates were at best in the low hundreds.

But we don't know exactly how many extra teachers need to be trained in math. One of the key recommendations of the report is for accurate national data of every teacher 's content specializations.

We need a national approach

The report also recommends a national strategy to train more existing teachers to be math teachers. This would replace the current piecemeal approach.

It would involve a standard training regime across Australia with government and school-system incentives for people to take up extra training in math.

There is international evidence to show a major upskilling program like this could work.

In Ireland, where the same problem was identified, the government funds a scheme run by a group of universities. Since 2012, teachers have been able to get a formal qualification (a professional diploma). Between 2009 and 2018 the percentage of out-of-field math teaching in Ireland dropped from 48% to 25%.

To develop a similar scheme here in Australia, we would need coordination between federal and state governments and universities. Based on the Irish experience, it would also require several million dollars in funding.

But with students receiving crucial math lessons every day by teachers who are not trained to teach math, the need is urgent.

The report mentioned in this article was commissioned by the Australian Mathematical Sciences Institute, the Australian Mathematical Society, the Statistical Society of Australia, the Mathematics Education Research Group of Australasia and the Actuaries Institute.

Provided by The Conversation

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Netflix's hit sci-fi series '3 Body Problem' is based on a real math problem that is so complex it's impossible to solve

• The three-body problem is a centuries-old physics question that puzzled Isaac Newton .
• It describes the orbits of three bodies, like planets or stars, trapped in each other's gravity.
• The problem is unsolvable and led to the development of chaos theory.

While Netflix's "3 Body Problem" is a science-fiction show, its name comes from a real math problem that's puzzled scientists since the late 1600s.

In physics, the three-body problem refers to the motion of three bodies trapped in each other's gravitational grip — like a three-star system.

It might sound simple enough, but once you dig into the mathematics, the orbital paths of each object get complicated very quickly.

Two-body vs. three- and multi-body systems

A simpler version is a two-body system like binary stars. Two-body systems have periodic orbits, meaning they are mathematically predictable because they follow the same trajectory over and over. So, if you have the stars' initial positions and velocities, you can calculate where they've been or will be in space far into the past and future.

However, "throwing in a third body that's close enough to interact leads to chaos," Shane Ross, an aerospace and ocean engineering professor at Virginia Tech, told Business Insider. In fact, it's nearly impossible to precisely predict the orbital paths of any system with three bodies or more.

While two orbiting planets might look like a ven diagram with ovular paths overlapping, the paths of three bodies interacting often resemble tangled spaghetti. Their trajectories usually aren't as stable as systems with only two bodies.

All that uncertainty makes what's known as the three-body problem largely unsolvable, Ross said. But there are certain exceptions.

The three-body problem is over 300 years old

The three-body problem dates back to Isaac Newton , who published his "Principia" in 1687.

In the book, the mathematician noted that the planets move in elliptical orbits around the sun. Yet the gravitational pull from Jupiter seemed to affect Saturn's orbital path.

Related stories

The three-body problem didn't just affect distant planets. Trying to understand the variations in the moon's movements caused Newton literal headaches, he complained.

But Newton never fully figured out the three-body problem. And it remained a mathematical mystery for nearly 200 years.

In 1889, a Swedish journal awarded mathematician Henri Poincaré a gold medal and 2,500 Swedish crowns, roughly half a year's salary for a professor at the time, for his essay about the three-body problem that outlined the basis for an entirely new mathematical theory called chaos theory .

According to chaos theory, when there is uncertainty about a system's initial conditions, like an object's mass or velocity, that uncertainty ripples out, making the future more and more unpredictable.

Think of it like taking a wrong turn on a trip. If you make a left instead of a right at the end of your journey, you're probably closer to your destination than if you made the mistake at the very beginning.

Can you solve the three-body problem?

Cracking the three-body problem would help scientists chart the movements of meteors and planets, including Earth, into the extremely far future. Even comparatively small movements of our planet could have large impacts on our climate, Ross said.

Though the three-body problem is considered mathematically unsolvable, there are solutions to specific scenarios. In fact, there are a few that mathematicians have found.

For example, three bodies could stably orbit in a figure eight or equally spaced around a ring. Both are possible depending on the initial positions and velocities of the bodies.

One way researchers look for solutions is with " restricted " three-body problems, where two main bodies (like the sun and Earth) interact and a third object with much smaller mass (like the moon) offers less gravitational interference. In this case, the three-body problem looks a lot like a two-body problem since the sun and Earth comprise the majority of mass in the system.

However, if you're looking at a three-star system, like the one in Netflix's show "3 Body Problem," that's a lot more complicated.

Computers can also run simulations far more efficiently than humans, though due to the inherent uncertainties, the results are typically approximate orbits instead of exact.

Finding solutions to three-body problems is also essential to space travel, Ross said. For his work, he inputs data about the Earth, moon, and spacecraft into a computer. "We can build up a whole library of possible trajectories," he said, "and that gives us an idea of the types of motion that are possible."

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Teaching math must go back to the basics.

DEAR EDITOR:

We have had new math, modern math and now we have common core math — none of them are working and the last one is the most ridiculous way to teach math. This is supposed to make children critical thinkers and solve world problems in the future. Having done research this is why children have anxiety and mental stress, and now I have it too!

In grade school they make boxes or blocks with numbers inside and up to 100 boxes to get an answer: 1 + 1 = 2. See how simple that was! Grades 8 and 9 take Algebra 1 and 2. Algebra 1 is easy, Algebra 2 is harder. If you do not pass Algebra 2, you have to take summer school, which costs $100 and if you still don’t pass, you have to take Algebra 2 and Geometry, which is now mandatory, so you can’t drop it. Not if everyone is going to college.

I am 75 and I have yet to use any of the above. I went into banking and made a good living. The children of today can’t even make change. So tell me, how this math is working. We have world leaders, federal, state and local government leaders, some of whom have gone to college who can not even solve the most simple problems and are not critical thinkers. Maybe if they made little boxes or blocks it would help them.

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The Newest Tech Start-Up Billionaire? Donald Trump.

Trump media, which went public this week, attracted a frenzy of interest on its first day of trading..

This transcript was created using speech recognition software. While it has been reviewed by human transcribers, it may contain errors. Please review the episode audio before quoting from this transcript and email [email protected] with any questions.

From “The New York Times,” I’m Michael Barbaro. This is “The Daily.”

[THEME MUSIC]

Over the past few years, Donald Trump’s social media company Truth Social was dismissed as a money-losing boondoggle. Today, Matthew Goldstein on how over the past few days, it somehow became a publicly traded company worth billions of dollars.

It’s Thursday, March 28.

Matthew, thank you for coming on “The Daily”-

Thank you for having me.

— your debut.

Do you go by Matt?

I go by Matt. I go by Matt.

Matt. You’re a Matthew —

Because my mother likes me using — when I first started out, my mom says, I named you Matthew. You should use Matthew for your by-line. Because I initially did use Matt, and then she —

She caught it?

This is literally the tale of the —

Yeah, right.

The Jewish mother.

Yes, yes, the way all journalism sort of starts. Why did you go into journalism to begin with, though?

Right, you could have been a doctor. Here we are. At least use my name. OK, so, Matt, I wonder if we could start by having you tell us the current market value of this new publicly traded company, Donald Trump’s social media business.

OK, so as we sit here —

11:26 AM on Wednesday.

— on Wednesday, it’s trading right now for around $65 a share. If you work that out, it’s worth about $8 billion.

That’s huge.

That is huge. I think it’s bigger than “The New York Times,” actually.

I think “The New York Times” is like around $7 billion.

It’s bigger than a lot of companies, which is crazy when you think about it.

Yeah. And what is Donald Trump’s personal stake in that, and what is that now worth?

OK, so he owns 79 million shares. So roughly doing the math, and this changes, it somewheres around $5.6 billion. It’s been going up sometimes as high as even $6 billion.

That’s extraordinary.

That is extraordinary. Because if you believe what Forbes had said last fall, he was worth about $2.6 billion. So he’s more than doubled his net worth in basically the last few days with Trump Media.

Wow. And not a moment too soon, right? Because as we’ve talked about on the show, Trump owes about every last cent of cash he has — I think it’s an estimated $500 million or so — to various courts, and this would be very auspicious timing to suddenly have an extra $5 billion in his life.

It’s a critical lifeline for him right now. There of course, are limitations to how he can tap that money, but I think also it should not be understated, it’s a huge bragging point for him, which he likes to go out and talk about being the most successful businessman on the planet.

He can say, look, I built a company that’s worth $7 billion overnight. Where have you done that, Joe Biden?

Or where have you done that pretty much almost anyone other than a very select, rarefied group of tech startups?

Absolutely.

So tell us the story of how this company, which I think a lot of people candidly dismissed from the beginning as Trump’s little kind of renegade corner of the internet somehow became this, a real financial behemoth in a way. What is that story?

So you have to go back to January 2021. Trump is kicked off of what was then Twitter after the January 6 riots at the Capitol.

And not just Twitter, right? Facebook, Instagram.

Yeah, he was kicked off everything, but Twitter was really where he had lived, as we all knew.

Right. Tens of millions of followers.

Tens of millions. So Trump is at this low point. He’s out of the White House. He’s sort of down there at Mar-a-Lago. And all of a sudden, a blast from the past.

[MUSIC PLAYING]

He gets approached by these two guys who had been contestants on his old reality show, “The Apprentice.”

and their names are Andy Litinsky and Wes Moss.

I’m no dummy.

No, I know.

They’re not particularly notable or famous people. I don’t know if the word is “star” is on the show.

To be perfectly honest, I want to see Mr. Trump as much as possible.

Litinsky was a really young guy.

I toast to the men dominating the women.

Wes Moss came out as almost like a frat boy type of character.

Andy, you’re fired. Wes, you’re fired also.

And they weren’t particularly successful, but they go to Trump.

And what exactly is their pitch to him?

Their pitch is basically, forget about Twitter. Forget about all these other platforms. Create your own platform. Create your own social media company. It will be great. You won’t be censored. You can say whatever you want. All your followers will come here. We’ll make a lot of money. We’ll be huge.

What was Trump’s response?

Well, he’s intrigued, but he never really totally commits to anything. At that point, Trump is sort of taking a back seat on it. He’s basically agreeing to lend his name if nothing else.

They sign an agreement that they’re going to go out and pitch the deal. And “The Apprentice” guys know that they’re going to need a lot of money to get this company off the ground. But they’re not going to be able to turn to traditional Wall Street sources because Trump at this point —

Is kind of toxic.

Yeah, he’s a toxic guy. So the solution for “The Apprentice” guys to raise this money was to do something called a SPAC, which is these companies that have come into vogue during the pandemic. They’re basically shell companies that go public, raise hundreds of million from investors. And essentially their sole purpose is to go out and look for another company to buy.

It’s basically money in a bank account that’s just sitting there to be transferred over to the private company that you buy. So for the private company that ends up merging, it’s a great deal because they get tons of cash where they had nothing the day before. And the other advantage of a deal with a SPAC is that beyond the cash, the private company becomes a public company, and that gives it the ability to sell stock to investors and go out and raise more money that way.

And then through that merger, eventually the two companies coming together, the company that Trump is going to be ostensibly heading, that social media company would get everything the SPAC had raised from investors. So all that cash is going to come flooding into the company “The Apprentice” guys envision.

So if I’m understanding this plan correctly, “The Apprentice” guys envision a plan where they go off, they find a SPAC that has raised a bunch of money, and eventually it will merge with the Trump social media company they envision building. And when that marriage is consummated, their work will be over and they will hopefully have a lot of money.

Basically, that’s exactly what their goal was. Yeah. So “The Apprentice” guys are out there in the market looking for a SPAC. But given the lack of really any kind of business plan, they don’t go to the top flight guys out there. They end up at the bottom of the barrel.

And so they end up with essentially a very no name sounding SPAC called Digital World Acquisition Corporation. Digital World has its IPO in September of 2021, raises $300 million. Lo and behold, like a month after, a press release comes out late at night. Donald Trump and Trump Media are merging with Digital World Acquisition Corp

I remember people pinging me, is this a joke? Because most people I’m sure had never heard of Digital World. And even more people had no idea that Trump was even doing a social media company. Because while all this is going on and they’re trying to put a deal together, the social media platform that will become Truth Social hasn’t even launched, and it won’t do so for months later.

But there’s trouble right away. The Securities Exchange Commission comes in and announces it’s opened an investigation into how this deal came together, looking into whether Digital World violated securities laws by engaging in merger talks ahead of time, which technically isn’t kosher in the way SPACs are supposed to work. But this investigation just drags on and on and on, and it’s going to delay everything.

So this is turning out to be a pretty big mess.

Very big mess. It looks like this deal’s never going to happen. And finally, when they launch Truth Social in early 2022, it’s a little bit of a joke. It’s like this sort of very early version of Twitter when it’s sort of clunky.

How clunky? You were on it?

Yeah, I actually think I was one of the first people to get in, which I thought was sort of funny because I said I was from “The New York Times.” They actually verified me.

There was very little traffic. It was almost like you’d post something and you could literally hear the crickets.

Trump never posted for three months.

Trump never posted on Truth Social the site that exists for his —

And I remember writing a story and you couldn’t get an answer from them, why is he not posting?

Perhaps because he has his own doubts.

And also wasn’t a place — no one was there. I mean, they had a few million users. There’s a few million dollars in advertising on Truth Social, a lot of them the equivalent of almost late night TV advertising that you would see. It’s losing tons of money, which is in fairness, it’s not unusual for a startup company to lose money, but it was not clear where it was ever going to make money and where the money was going to come in.

And we’re looking at this thing, is it even going to happen? Your deal is in trouble because of regulators. And also the company is in trouble because there’s just nothing there. So everyone, I think for the most part, sort of counts this thing out. For them it was a desperate situation.

And then last summer, a bunch of things started to go right all of a sudden for Trump Media. And it really started to raise the prospects that this deal actually could happen.

We’ll be right back.

So Matt, how is it that things start to turn around for this real mess of a social media company that Donald Trump has founded?

OK, so the single biggest thing was last summer, the SEC settles its investigation with Digital World, with the SPAC that it was merging with. And that basically at that point clears the gates for them to start to really move forward with the merger.

What kind of settlement was it?

They had to pay $18 million, and they had to rewrite all their disclosures to make it consistent to reveal all the early talks they had had with Trump Media.

The other thing is Elon Musk buys Twitter, now X. And one of the first things he does is he says, Trump, you can come back. Start posting again. We want you. We love you. Everyone thinks Trump’s going to do that. But then he stays.

He continues the post on Truth Social, and it’s clear he’s sticking with his own platform. And if anything, he starts ramping up his postings on Truth Social, and they become increasingly, as we with the way Trump is, bombastic, inflammatory, attacking all the judges and all the cases going on, the prosecutors, political opponents. And he’s been doing it with increasing frequency.

And this is a key ingredient of last summer’s turnaround, because it’s clear at this point Trump is sticking with Truth Social. He’s not going anywhere. He’s leaning into it, and it’s become his platform.

But we shouldn’t lose sight that may be the most important thing is the loyalty of shareholders. And I’m not talking about big hedge funds, big institutions, wealthy people. I’m talking about ordinary Trump supporters, many of them who are posters on Truth Social and happen to be stockholders of this cash-rich SPAC that’s eventually going to merge with Trump Media. And they’re the ones who have kept this thing going to some degree.

As investors.

As investors. Because there were many points where the SPAC deal itself could have just failed. But they really want to make sure this company succeeds. It’s almost like a religious kind of thing for some of them. And I can tell you, one guy has been very vocal is actually sort of a Christian minister.

Good evening, DWAC stock.

He has his own streaming video show on Rumble, which he called DWAC Live, named after the shares.

Lord we ask in the name of Jesus, that you help the executives finish this strong and that you protect them from all the forces that would try to stop the merger and —

They talk about the stock and the merger, and it’s got his own following.

Just all show up at Mar-a-Lago, knock on the door and be like, hey, President Trump, we’d like to come party with you because we all own little bits of your company and we love you. Let’s just check on the price one more time before we head out for the night.

So in some way, Trump really owes a lot to his small shareholders who made this possible. Because if it wasn’t for them, there would be no merger.

And when they talk to you about why they have bought shares in this business, in this SPAC, even when it’s at its least successful and most imperiled, how do they talk about why it’s worth their hard earned money?

First of all, they view they’re building something. And they’ve all believed that, right or wrong, whatever you may think about it, that Truth Social is free from censorship, that it allows Trump and others to say what they want. And they really believe that as the founding principles, they’re the original owners essentially going to be of this company, and they’re helping it flourish and build.

So this has become a real personal thing for a lot of them, more so than I think I’ve ever seen with any other publicly traded company before.

So the folks who are investing in this SPAC, anticipating it will eventually get together with Truth Social, and who, as you have just said, sustained this through its darkest chapter, they aren’t really there because they see this as a highly profitable business. You just said, Matt, that it was losing money.

They’re doing it as a statement and I guess a measure of their fervor for Trump, for the movement he represents. Buying the stock is a way for them to put their money where their mouth is when it comes to MAGA.

Right, right. For them, this is about supporting Trump and supporting this company, which they view as critically important n keeping its message out there alive.

So, Matt, I think that more or less brings us to this week, when this turnaround you’re describing results in this crazy takeoff of the stock price. But just walk us through the mechanics of it.

What happened was there’s the shareholder vote. And the way it works is Digital World shareholders have to vote to approve the merger with Trump Media. It was at this point it was a foregone conclusion. But it’s a vote, so you never know what’s going to happen, though. And they get the vote on Friday. It’s overwhelming. I think it was 29 million shares voted in favor, and 200,000 voted against. I mean, you just don’t see that.

A landslide.

A landslide. Yes, like an electoral landslide. So the deal goes through. On Monday, the deal is actually closed, and we have our first day of trading on Tuesday of this week.

Ticker symbol DJT.

Donald John Donald.

Donald J Trump.

Former President Donald Trump’s newly merged social media company has begun trading, and shares are soaring.

It opens for trading at around $40 something a share.

More than 6.5 million shares in Trump Media had changed hands by 9:50 this morning.

They have to actually halt trading briefly because the volume, the level of trading is off the charts in the stock.

And currently you take a look at where shares are, they’re up about 40 percent.

At one point, it reaches $70 a share.

This is the highest profile SPAC we’ve seen in quite a while.

Really, I’d say ever, Katie. I mean —

And on the end of trading on Tuesday, it closes around $60 or so. And that’s how we get this $7, $8 billion valuation for the company and the paper gain of $5.6 billion —

But for now, quote, unquote, “DJT” is the mother of all meme stocks, with the stock up 32 percent up, as much as 58 percent today, hard to disagree.

I just want to make sure I understand why this company is now valued so highly. And I guess what I’m really getting at is, is there an actual business case for it, given what folks in your calling would describe as the fundamentals of the business? Or is this just a measure of these Trump-supporting investors’ deep affinity for him? Is this basically a bubble, or is there maybe a true financial justification that can be laid out here?

OK, so if we go pure fundamentals, it’s crazy. This company is not a $7 or $8 billion company. It had $3.3 million in revenues for the first nine months of last year. It lost about $49 million.

Yeah, that is not the makings of an $8 billion valuation company.

No, no, no. I mean, the one good thing it got going, it got $300 million in cash from this merger. Not for Trump, for the company. So that’s good. They can use that cash to go out and buy something, bring in more people, hire influencers on Truth Social.

But even then, they have 10 million downloads of Truth Social. I mean, Twitter is what, like hundreds of millions of users? I’m sorry, X has hundreds millions of users. Where’s it going to go for that kind of growth to justify that?

But this is what Wall Street is. I mean, we call them our meme stocks. They’re fantasy stocks. They take on a life of their own. We had this during the pandemic with GameStop and AMC. The shares run up to ridiculous levels, driven largely by retail investors.

And just to remind people, those were stocks where retail investors were buying shares it felt like because they wanted to send a message, largely anti-establishment message, they were mad at a hedge fund that had shorted it in one case, I remember. They wanted to make a point. They wanted to stick it to the man.

Right. And also it becomes a self-fulfilling prophecy. It becomes a mania. Then others see this and get in because you feel like if you keep buying, it’s never going to fall. It’s never going to go down. And that can work for a while, but eventually gravity will always take hold at some part.

I’m not saying that Trump Media is going to collapse. But at some point, something will happen that will trigger the stock to sell off.

Right, it’s fragile.

It’s fragile, right. It’s not sustainable at this level. But when it’s happening, it’s hard for me or anyone to give you a rational reason, and that’s why there’s this old thing, irrational exuberance. It’s not necessarily unusual. It’s just that it’s unusual because you have a very loyal investor base to him personally that is driving a lot of these surges in the stock.

I’m really curious how Trump’s position in this presidential campaign factors into what you just described. Because it feels like this irrational exuberance has to be linked somewhat to the reality that he is the now lead candidate in the polls for re-election. But I’m curious what investors think about that, how they think his chances of becoming president with the financial health and future promise of this company.

It’s definitely, I think, going to be a barometer, actually, of Trump and his political fortunes. I mean just by way of example, the SPAC stock started to soar this year when Trump was on the verge of locking up the nomination. It was around the time DeSantis dropped out in New Hampshire.

The stock surged like 60 percent, 70 percent overnight. It was really because people were like, hey, Trump is going to be the nominee, and we’re going to be going forward.

But can you just explain that? What does one have to do with the other?

In theory, it doesn’t have anything to do with it. But it’s like a proxy for him.

It’s also the idea that as long as Trump is still politically viable, Trump Media is viable. Truth Social is viable.

And presumably a president 2.0 Trump is the best possible situation for this stock price.

If he wins, I think it probably will be a high watermark for the stock. And I would just think given the dynamic with the election right now, it’s hard to see the stock not continuing to rise at least until November.

OK. I want to turn now to Trump’s access to this very valuable stock at a time when, as we all know, he seems to need money. How and when could he tap into this money?

OK. So at the moment, he actually can’t.

He can’t. There’s what’s called a lockup, a restriction. It’s not just for him. It’s for any major shareholders. They can’t sell for six months. It’s actually not unusual in these kind of circumstances.

The logic is you don’t want important people to the company, important shareholders, to bolt as soon as the deal goes through.

But there are other ways you can get around that. One way is for the board. It’s a seven member board. They’re all loyalists, for the most part. They could allow him to sell shares early. I personally think that’s unlikely because it shows a lack of faith. Just like if he had jumped from Truth Social onto Twitter, this would be the same kind of message being sent.

What they could do is allow him to pledge those shares, meaning he can go out and get a loan, use it as collateral. The shares don’t get sold, but you’re giving them to some other like a bank or probably more likely a hedge fund. So that would be a way for him to monetize his stock without actually selling it.

So if Trump really wanted to, he could find a way working through this board of loyalists to tap into this money pretty quickly if he so chose to.

If he asked the board to do it, I think there’s probably a good chance the board would do it. But if he doesn’t really need the money that desperately, I think he probably won’t. And I think the board would be reluctant because it doesn’t really help anyone to have lots of stock coming out into the market. That only will probably depress the price of the shares.

And it doesn’t help to have the face of the company, the man whose initials are on the ticker, selling the stock because that suggests he doesn’t have a tremendous amount of faith in the business. And that might trigger a sell off, which would undermine the value of the rest of his stock. It’s a pretty bad cycle to start.

It’s a bad — right, that’s like the event that starts to send the sell off. And even at that point, even your most loyal shareholders may say, well, I don’t want to be left the last one holding the bag.

Right. I want to step way back for just a minute and think about the larger meaning of what has happened with Truth Social. I mean, I’ve covered a lot of Trump’s businesses through the years, investigated them when he was a candidate in 2016. And it really strikes me that of all the businesses he’s been in, real estate, casinos, Trump University, selling Trump steaks, Trump wine, whatever, those made money.

This, in some ways, feels like the least sound business of all, and yet it has made him the richest by far. That’s a little bit weird to wrap your head around. What does that tell you about the nature of Trump and these investors who believe in this?

It is weird. I’m not a politics reporter, but from a business perspective, this has given me a little bit better insight into his seemingly unending kind of popularity and support. There’s the old adage on Wall Street, never fall in love with a stock. But the reality is a lot of his shareholders here are in love with the stock. They have fallen in love with it, and they’re in love with him to a large extent.

And when you have that sort of mix there, it allows a stock to soar to unreal levels that we’re seeing now. And who knows where it goes from here? But for the moment, it’s clearly working for Mr. Trump.

Well, Matt, thank you very much.

When the stock market closed on Wednesday afternoon, shares of Trump’s new media company reached $66 a share, up 14 percent from the previous day. As of this morning, the company is worth $9.4 billion.

Here’s what else you need to know today. Authorities said that the six missing workers who were on the Francis Scott Key Bridge when it collapsed are now presumed dead. The workers were members of a construction crew who were repairing masonry and potholes when a massive container ship plowed into the bridge on Tuesday morning.

This is no ordinary bridge. This is one of the cathedrals of American infrastructure.

Experts say that rebuilding the bridge, which carried 30,000 vehicles a day, will probably take years and cost hundreds of millions of dollars, a reality acknowledged by the Secretary of Transportation Pete Buttigieg.

So the path to normalcy will not be easy. It will not be quick. It will not be inexpensive. But we will rebuild together.

And the first ever congestion pricing system in the United States crossed a major milestone on Wednesday when New York officially approved tolls for cars driving through the busiest sections of Manhattan. The system, modeled on those in London and Singapore, is designed to significantly reduce traffic and air pollution. The tolls, $15 for most passenger cars and as much as $36 for large trucks, are expected to raise $1 billion a year for mass transportation.

The new system could still be blocked by several lawsuits seeking to derail it. But if those cases fail, the tolls will begin in mid-June.

Today’s episode was produced by Will Reid, Mary Wilson, and Asthaa Chaturvedi. It was edited by Lexie Diao, contains original music by Marion Lozano and Dan Powell, and was engineered by Alyssa Moxley.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly.

That’s it for “The Daily.” I’m Michael Barbaro. See you tomorrow.

• April 5, 2024   •   29:11 An Engineering Experiment to Cool the Earth
• April 4, 2024   •   32:37 Israel’s Deadly Airstrike on the World Central Kitchen
• April 3, 2024   •   27:42 The Accidental Tax Cutter in Chief
• April 2, 2024   •   29:32 Kids Are Missing School at an Alarming Rate
• April 1, 2024   •   36:14 Ronna McDaniel, TV News and the Trump Problem
• March 29, 2024   •   48:42 Hamas Took Her, and Still Has Her Husband
• March 28, 2024   •   33:40 The Newest Tech Start-Up Billionaire? Donald Trump.
• March 27, 2024   •   28:06 Democrats’ Plan to Save the Republican House Speaker
• March 26, 2024   •   29:13 The United States vs. the iPhone
• March 25, 2024   •   25:59 A Terrorist Attack in Russia
• March 24, 2024   •   21:39 The Sunday Read: ‘My Goldendoodle Spent a Week at Some Luxury Dog ‘Hotels.’ I Tagged Along.’
• March 22, 2024   •   35:30 Chuck Schumer on His Campaign to Oust Israel’s Leader

Hosted by Michael Barbaro

Featuring Matthew Goldstein

Produced by Will Reid ,  Mary Wilson and Asthaa Chaturvedi

Edited by Lexie Diao

Original music by Marion Lozano and Dan Powell

Engineered by Alyssa Moxley

Listen and follow The Daily Apple Podcasts | Spotify | Amazon Music

Over the past few years, Donald Trump’s social media platform, Truth Social, has been dismissed as a money-losing boondoggle.

This week, that all changed. Matthew Goldstein, a New York Times business reporter, explains how its parent venture, Truth Media, became a publicly traded company worth billions of dollars.

On today’s episode

Matthew Goldstein , a New York Times business reporter.

Background reading

What to know about Trump Media’s high-flying stock debut .

Ethics experts say the publicly traded company could present a new way for foreign actors or others to influence Mr. Trump , if he is elected president.

There are a lot of ways to listen to The Daily. Here’s how.

We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.

The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Summer Thomad, Olivia Natt, Daniel Ramirez and Brendan Klinkenberg.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Sofia Milan, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli, Maddy Masiello, Isabella Anderson and Nina Lassam.

Matthew Goldstein covers Wall Street and white-collar crime and housing issues. More about Matthew Goldstein

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