🔁 What's The Truth Behind Truth Social?
Add another federal investigation to former President Donald Trump's growing list. This latest one is over a plan to take his new social media company, Trump Media and Technology Group (TMTG), public through a special purpose acquisition company (SPAC). The deal, between TMTG and Digital World Acquisition Corp (DWAC), is facing scrutiny from both the SEC and FINRA about financial impropriety. If the deal is approved, however, it could raise about $300 million for Trump's Twitter clone, Truth Social.
Patrick Orlando, CEO of DWAC, took part in a video call with Trump Media back in May, ahead of the deal's October announcement. However, Orlando also runs several other SPACs, so it is unclear who he was representing at the time.
According to the New York Times, a SPAC is not supposed to have a deal arranged before selling its shares to investors. However, the SEC investigation has requested “certain documents and communications” between DWAC and Trump to uncover the exact timeline of events. that happened.
FINRA is further investigating some trading that occurred at DWAC before the October 20 announcement of the merger, reports The Verge.
California Congressman Devin Nunes announced that he would resign from the House to become the chief executive of Truth Social, says Variety. The Republican Congressman is the ranking member of the House Intelligence Committee and a top Trump ally.
Clearly lawsuits and criminal investigations don't faze the former president. By recruiting Rep. Nunes, however, it does seem that Trump is trying to further the Big Lie that the 2020 election was stolen, and potentially that future elections will be stolen too?