According to Medium;
ruth Social is a proposed social media platform by Trump Media & Technology Group. Originally, a limited launch was planned on Apple’s App Store in November 2021, and a full public launch in 2022.
Former President Donald Trump’s new social media company appears to have missed its own November deadline to launch an invitation-only beta version of “Truth Social,” its purported alternative to Twitter.
However even Truth Social has terms of service. It seems that unfortunately after Trump posted his first status update, the platform determined that he had violated its terms of service and expelled him forever.
Make America Great Again
The Trump backed company says it has more than $1 Billion in funding. Donald Trump’s plan to launch “Truth Social”, a special purpose acquisitions backed social media company, early next year. However there is an on-going investigation into the Chinese backed company that is helping with the SPAC.
The Trump Media & Technology Group has partnered on the project with Digital World Acquisition, a so called special purpose acquisition company (Spac) or “blank cheque company”.
The request from the SEC and the Financial Industry Regulatory Authority for information from Digital World Acquisition Corp (DWAC), a blank-check SPAC that is set to merge with Trump Media & Technology Group, comes as a powerful Republican congressman, Devin Nunes, announced he was stepping out of politics to join the Trump media venture as CEO.
The $1.25 billion in proceeds that TMTG estimates will result from the planned merger with Digital World Acquisition Corp., a blank check company headed by financier Patrick Orlando. The stock of $DWAC rests at nearly $53 at the time of writing.
- Trump first announced the plan to merge Trump Media & Technology Group with a special purpose acquisition company, or SPAC, in October, 2021.
- “Truth Social” is supposed to be a censorship resistant platform where the right-wing can air their ideas in a more open way, along with potentially being a platform to help Trump get elected again.
It’s not clear if being factual or truthful in a social way will be part of how the company will be run. You can check out their website here.
Shanghai-based ARC Group Ltd. was an adviser to Trump’s merger partner Digital World Acquisition Corp. and was tasked with building the SPAC’s deal pipeline, according to its listing prospectus. It’s not clear to me just how deep the Chinese ties go.
The motto is interesting:
TRUTH Social is America’s “Big Tent” social media platform that encourages an open, free, and honest global conversation without discriminating against political ideology.
However with political discussion, it’s a bit hard not to discriminate against other ideologies is it not? I don’t even get respectful debate on LinkedIn, which claims to be a professional network.
When Will TRUTH Social Launch?
The new enterprise has said it will be in operation by the first quarter of 2022 and plans to start a social media company called Truth Social, though few financial details have been disclosed.
American platforms like Twitter and Facebook seem to have failed to create a healthy place for Americans to debate their collective futures without favoring left vs. right ideologies. Even within companies like Google various camps argue about policies and the impact of their beliefs and politics on their products.
You can also read: Truth Social VS Facebook: Will Truth Social substitute Facebook?
I too want to follow the truth but how can I do so in a world with biased algorithms, sentiment amplification, poor content moderation, constantly change terms of service and huge platforms of scale run by a few people? How can I even find good information online in a world of misinformation, cybersecurity compromised platforms, lack of encrypted chat apps and the coming deepfake era of automated content and fake content?
Throughout human history the Town Square has been a place or rumor, gossips, opinion, subjective angles, deceit and manipulation. Doing it at scale or doing it in the Metaverse, doesn’t seem to change that much.
At the same time, the price of the stock of Digital World Acquisition Corp. — the SPAC company that plans to merge with Trump’s social media firm — has dropped dramatically since its share price exploded when the deal was announced in late October. $94 in October to nearly half that today at the tail end of 2021.
It is not unusual for tech companies to miss their own deadlines for product releases. While the identities of the investors that have entered into agreements with Digital World remain unknown — an unusual situation in a private investment in public equity, or PIPE, transaction — Orlando himself is a former Deutsche Bank AG derivatives trader who co-founded a sugar trading company and started a banking firm, Benessere Capital, before more recently turning to SPACs.
Rep. Devin Nunes, R-Calif., announced he will resign from Congress to become chief executive (CEO) of former President Donald Trump’s fledgling social media company in 2022 I was pretty stunned.
As of December 16th some details emerged that seem troubling about the SPAC. An asset manager who claims he was “instrumental” in landing former President Donald Trump’s planned media company for the special-purpose acquisition company Digital World Acquisition Corp. claims he was removed as a potential director and cheated out of shares.
- Bluestone Capital Management’s Brian Shevland said Digital World Chief Executive Officer Patrick Orlando was behind an August regulatory filing in which Shevland’s name was quietly removed from the SPAC’s board.
- As the beginning of December, 2016 we found out that (SEC) Federal regulators are investigating former President Donald Trump’s SPAC deal. The SEC and FINRA probes were disclosed in a filing by Digital World Acquisition Corp., the special purpose acquisition company on track to merge with Trump Media & Technology Group.
DWAC is a special purpose acquisition company, also known as a blank check company, which had an initial public offering in September that raised approximately $290 million. As for Digital World’s board, Bloomberg reported in October that it is “light with people with media expertise.” This is not typically a good sign for a company that can raise likely well over $1 Billion dollars.
- If I understand correctly, The SPAC’s chief financial officer is Luiz Philippe de Orleans e Braganca, a member of Brazil’s National Congress and self-proclaimed prince.
- The media relations officer for the company, Roma Daravi, has not tweeted about TMTG and Truth Social since October.
- Donald Trump himself is both hero and villain in his own story. Trump remains in extensive legal jeopardy according to some analysts, arising from both his lie that his defeat by Joe Biden was caused by electoral fraud — which stoked the attack on Congress (according to Democratic leaning Media outlets) — and his financial affairs.
I cannot speak to Trump’s finances but his incredible fame will allow him to raise more capital it would seem. Owning shares of DWAC also became an emblem of political support for Trump. Several of the former president’s most outspoken backers in Congress bought shares in the company. I myself didn’t actually know that was even allowed.
The Digital Divide is Real
However Truth Social is a really important story at the intersection of technology and politics. Digital World’s partnership with TMTG was announced in October — six weeks after the company certified at the time of its initial public offering in September that it did not have an acquisition target in mind — in conjunction with TMTG’s plans for TRUTH Social, a platform being touted as a refuge for free speech and the “first major rival to ‘Big Tech.’”
In the bifurcation of American civil unrest, politics has been radicalized. Billionaires claim they are afraid of civil unrest and even civil war. It’s hard to know what the truth is in America today.
If Truth Social actually launches as promised, the network would provide a platform for very interesting political debates and dialogue. I’m not sure I find such dialogue on Facebook, Twitter or even Reddit today.
Truth Social remains just a lonely landing page for the time being, and we might see it take off in 2022, if it legally given the green light to do so.
Amid investigations of the Trump Organization, Trump’s personal worth is reckoned to have plummeted. However there are Millions of American who would like to see him become President again.
The money would come from “a diverse group” of investors after the two companies are combined, it said. The lack of transparency here is a bit of a stumbling block. If I’m going to be a shareholder of a company, I need to know who I’m buddying up with.
In a world of fame and influence, powerful people can also manufacture money when they need it though. Trump is listed as chair of TMTG. He will get tens of millions in special bonus shares if the combined company performs well, handing the former president possibly billions of dollars in paper wealth.
SPACs, which became a major story in the US stock market at the start of this year, are shell companies that are set up with the sole purpose of merging with a private firm to take it public. Unfortunately from their peaks in February, 2021 SPACs have performed very poorly. That won’t stop those who love Donald Trump from supporting this one. It could enter meme-stock territory with a bit of good news.
DWAC is led by Mexican founder Abraham Cinta, who’s lived in the Chinese financial center for over eight years. He could just be a front man for more powerful Chinese backers and even the CCP itself. DAWC has a history of promoting pretty shady companies with little real-world profits.
TRUTH Social is expected to launch in the first quarter of 2022, about a year after Trump was permanently banned or suspended from several major social media sites, including Facebook, Twitter, and YouTube.
Also read this article: How to invest in Truth Social?