Posted on Oct 14, 2023
Donald Trump's Truth Social dealt major blow
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A proposed merger with the company that owns Donald Trump's social media app, Truth Social has hit a major snag as the founding partner announced it would be returning hundreds of millions of dollars back to investors.
Digital World Acquisition Corp (DWAC), a special-purpose acquisition company that aims to raise funds to merge with a private company, said it would return $533 million raised for the deal with Trump Media & Technology Group (TMTG) having already received termination notices on $467 million work of commitments.
Digital World Acquisition Corp (DWAC), a special-purpose acquisition company that aims to raise funds to merge with a private company, said it would return $533 million raised for the deal with Trump Media & Technology Group (TMTG) having already received termination notices on $467 million work of commitments.
Donald Trump's Truth Social dealt major blow
Posted from newsweek.com
Donald Trump
Social Media
Investing
Posted 7 mo ago
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PO1 William "Chip" Nagel no surprise here...
..."The planned merger has been frequently delayed, with Digital World investors voting in September to give an extension of up to one year to complete the TMTG deal.
The deal has also faced a number of other setbacks, including a Securities and Exchange Commission investigation that found that DWAC had misled investors and the SEC by failing to disclose that it was planning on buying TMTG before it raised its $300 million in IPO funds. DWAC was fined $18 million as a result of the investigation.
DWAC also removed its former CEO, Patrick Orlando as the head of the company in March, with another former board member, Bruce Garelick, arrested in June on suspicion of insider trading."
..."The planned merger has been frequently delayed, with Digital World investors voting in September to give an extension of up to one year to complete the TMTG deal.
The deal has also faced a number of other setbacks, including a Securities and Exchange Commission investigation that found that DWAC had misled investors and the SEC by failing to disclose that it was planning on buying TMTG before it raised its $300 million in IPO funds. DWAC was fined $18 million as a result of the investigation.
DWAC also removed its former CEO, Patrick Orlando as the head of the company in March, with another former board member, Bruce Garelick, arrested in June on suspicion of insider trading."
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