Trump's Truth Social Deal Is Reportedly Falling Apart proving everything Trump touches dies
A merger that would’ve made Donald Trump’s social media venture into a publicly traded company and provided Truth Social with $1.3 billion in cash investment is crumbling, according to a report from Reuters. Shareholders have rejected a one-year extension to finalize the acquisition, “people familiar with the matter” told the outlet.
The pending (and now possibly dead) deal is between Trump Media & Technology Group (TMTG), which owns Truth, and Digital World Acquisition Corp (DWAC), a special purpose acquisition company.
Since it was first announced in October 2021, the merger has been tumultuous. DWAC and the acquisition is the subject of multiple ongoing federal investigations, including probes from the SEC, Department of Justice, and a federal grand jury in the Southern District of New York.
Details of the investigations are murky, but largely seem to concern the timing of merger discussions relative to when the deal was announced, and when Digital Worlds went public. Federal regulations bar special acquisition agreements from being discussed prior to a company’s initial public offering.
https://www.msn.com/en-us/money/companies/trump-s-truth-social-deal-is-reportedly-falling-apart/ar-AA11wUgl
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plus the questionable expertise/comptency of Truth Social CEO Devin Nunes. Who could have predicted trouble?
