DWAC, the Trump Social-Media SPAC, Surges: What to Know
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Trump's Latest Business Venture Warns About Possible 'Bankruptcy' In Self-Own For The Ages
https://www.comicsands.com/trump-truth-social-bankruptcy-warning-2657340329.html
Former Republican President Donald Trump may have hoodwinked his followers into believing in his claims about his legendary business acumen.
But the business community itself isn't buying it--including the soon-to-be parent company of his social media platform Truth Social.
Digital World Acquisition Corp, the so-called "blank-check" firm merging with Trump Media and Technology Group, warned investors of Trump's laundry list of bankruptcies and business failures in a recent regulatory filing.
And it didn't stop there--the filing also warned that since Trump will be the CEO of the new company, it may well fail too.
The filing practically reads like a greatest-hits list of Trump's business failures, including casino and hotel properties Trump Taj Mahal, Trump Plaza, and Trump Castle, as well as Trump University, Trump Vodka, and Trump Steaks.
And given Trump's forthcoming role as chairman and ownership of up to 58% of the new company if the merger is approved, Digital World was forced to protect itself from legal repercussions should his failure catch to Trump Media as well.
The filing reads:
"A number of companies that were associated with President Trump have filed for bankruptcy."
"There can be no assurances that TMTG will not also become bankrupt."
The filing went on to add that many of Trump's licensing agreements have also gone belly up.
"A number of companies that had license agreements with President Trump have failed."
"There can be no assurances that TMTG will not also fail."
And just in case it wasn't absolutely crystal-clear that Trump Media and Truth Social are more likely to faceplant than they are to thrive, Digital World added:
"While all of the foregoing were in different businesses than TMTG, there can be no guarantee that TMTG's performance will exceed the performance of those entities."
Given Truth Social's disastrous roll-out so far, betting against it is probably the safer investment.
And on Twitter, there was plenty of schadenfreude about its odds being so bad the company had to put them on the record.
(More Tweets and information at above url)
https://www.comicsands.com/trump-truth-social-bankruptcy-warning-2657340329.html
Former Republican President Donald Trump may have hoodwinked his followers into believing in his claims about his legendary business acumen.
But the business community itself isn't buying it--including the soon-to-be parent company of his social media platform Truth Social.
Digital World Acquisition Corp, the so-called "blank-check" firm merging with Trump Media and Technology Group, warned investors of Trump's laundry list of bankruptcies and business failures in a recent regulatory filing.
And it didn't stop there--the filing also warned that since Trump will be the CEO of the new company, it may well fail too.
The filing practically reads like a greatest-hits list of Trump's business failures, including casino and hotel properties Trump Taj Mahal, Trump Plaza, and Trump Castle, as well as Trump University, Trump Vodka, and Trump Steaks.
And given Trump's forthcoming role as chairman and ownership of up to 58% of the new company if the merger is approved, Digital World was forced to protect itself from legal repercussions should his failure catch to Trump Media as well.
The filing reads:
"A number of companies that were associated with President Trump have filed for bankruptcy."
"There can be no assurances that TMTG will not also become bankrupt."
The filing went on to add that many of Trump's licensing agreements have also gone belly up.
"A number of companies that had license agreements with President Trump have failed."
"There can be no assurances that TMTG will not also fail."
And just in case it wasn't absolutely crystal-clear that Trump Media and Truth Social are more likely to faceplant than they are to thrive, Digital World added:
"While all of the foregoing were in different businesses than TMTG, there can be no guarantee that TMTG's performance will exceed the performance of those entities."
Given Truth Social's disastrous roll-out so far, betting against it is probably the safer investment.
And on Twitter, there was plenty of schadenfreude about its odds being so bad the company had to put them on the record.
(More Tweets and information at above url)
What goes up.... comes down.
Government expands investigation into Trump's social network deal
https://www.axios.com/2022/06/13/government-expands-investigation-trump-social-network-deal
Federal securities regulators have expanded their investigation into the planned merger between a blank check acquisition company and former President Trump's social media business, known as Truth Social, according to a Monday morning filing with the SEC.
Why it matters: Truth Social's financial prospects are heavily reliant on investment tied to the merger, which may never come to pass.
Backstory: The Securities and Exchange Commission is investigating communications between the blank check company, called Digital World Acquisition Corp., and Trump. Of particular interest would be if the two sides negotiated prior to DWAC going public, which would have been illegal.
What's new: DWAC previously disclosed that it was under investigation, but on Monday said that regulators are seeking "additional documents and information."
Government expands investigation into Trump's social network deal
https://www.axios.com/2022/06/13/government-expands-investigation-trump-social-network-deal
Federal securities regulators have expanded their investigation into the planned merger between a blank check acquisition company and former President Trump's social media business, known as Truth Social, according to a Monday morning filing with the SEC.
Why it matters: Truth Social's financial prospects are heavily reliant on investment tied to the merger, which may never come to pass.
Backstory: The Securities and Exchange Commission is investigating communications between the blank check company, called Digital World Acquisition Corp., and Trump. Of particular interest would be if the two sides negotiated prior to DWAC going public, which would have been illegal.
What's new: DWAC previously disclosed that it was under investigation, but on Monday said that regulators are seeking "additional documents and information."
- This includes communications regarding DWAC's due diligence of companies other than Trump's, if it occurred, relationships between DWAC and other entities (including its IPO underwriter E.F. Hutton), certain forward-looking statements and "certain elements of the transaction history for equity."
Things not going well for DWAC...
Corporation behind Trump's Truth Social moves to delay business earnings report
https://www.rawstory.com/truth-social-earnings/
Corporation behind Trump's Truth Social moves to delay business earnings report
https://www.rawstory.com/truth-social-earnings/
Kanye West To Buy Conservative Social Media Platform Parler — After Fallouts With Instagram, Twitter
Bloomberg
6:34 AM ET 10/17/2022
Rapper Kanye West has agreed to buy conservative-leaning alt-tech microblogging and social networking app Parler, which touts itself as a platform promoting free speech.
Announcing the deal, Parlement Technologies, parent of Parler, said the parties intend to enter into a definitive purchase agreement soon, with the closure expected in the fourth quarter.
The terms of the proposed transaction will likely include ongoing technical support from Parlement and the use of private cloud services through the company's private cloud and data center infrastructure.
Commenting on the agreement, West, who has changed his name to Ye, said, "In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves."
Parlement's CEO George Farmer said, "Ye is making a groundbreaking move into the free speech media space and will never have to fear being removed from social media again."
The proposed buy assumes importance as it follows West getting banned from Meta Platform's (NASDAQ:META) Instagram due to flouting its policies. West also saw a post deleted earlier this month by fellow mainstream social media platform Twitter Inc.(NYSE:TWTR) over anti-semitic content.
Bloomberg
6:34 AM ET 10/17/2022
Rapper Kanye West has agreed to buy conservative-leaning alt-tech microblogging and social networking app Parler, which touts itself as a platform promoting free speech.
Announcing the deal, Parlement Technologies, parent of Parler, said the parties intend to enter into a definitive purchase agreement soon, with the closure expected in the fourth quarter.
The terms of the proposed transaction will likely include ongoing technical support from Parlement and the use of private cloud services through the company's private cloud and data center infrastructure.
Commenting on the agreement, West, who has changed his name to Ye, said, "In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves."
Parlement's CEO George Farmer said, "Ye is making a groundbreaking move into the free speech media space and will never have to fear being removed from social media again."
The proposed buy assumes importance as it follows West getting banned from Meta Platform's (NASDAQ:META) Instagram due to flouting its policies. West also saw a post deleted earlier this month by fellow mainstream social media platform Twitter Inc.(NYSE:TWTR) over anti-semitic content.
Now Kanye West buying a conservative social media company may actually work. He can link all kinds of media, music and retail to it.
