Tuesday, May 17, 2022

DWAC Merging With Trump's Truth Social Warned Investors Of His Bankruptcy And Failures

In a filing Monday, Digital World Acquisition Corp. (DWAC), the company that will merge with Trump's new Social Media company, Trump Media & Technology Group (TMtG) behind Truth Social, highlighted the Bankruptcies of Trump Taj Mahal, Trump Plaza, Trump Castle, and the Failures of Trump University, Trump Vodka, and Trump Steaks, among others.

Digital World, a SPAC or "blank-check" firm, allow Companies to get on the Stock Exchange. is seeking to merge with Trump Media and Technology Group (TMTG), the Owner of Truth Social. Trump himself would control between 47% and 58% of the Merged Company and would serve as its Chairman, Monday's filing shows.

DWAC said in its filing: "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." It continued: "A number of companies that had license agreements with President Trump have failed. There can be no assurances that TMTG will not also fail."

It 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."

But, the signs so far are that Truth Social is a Flop.

Since it launched, Downloads and time spent on the App have trended Downwards. It has slumped from being the number one Download on Apple's U.S. App Store to number 173, according to an Analysis by Similarweb.

That's partly down to the App's lengthy Waitlist, which keeps wannabe Users locked out for weeks. But even when you got off the Waitlist and into the App, there still Not much to see or do.

Monday's filing also showed that Trump has agreed to Post on Truth Social Six hours before making similar Posts on other Platforms. However, it also stipulated that Trump can Post from any Platform at any time for "political messaging."

Trump launched Truth Social in February, 2022, as an alternative to Mainstream Social Media Platforms, most notably Twitter. Truth Social was plagued with Technical Difficulties upon launch and Trump was silent on the Platform until late April.

Twitter permanently Suspended Trump's Account in January 2021, after he posted a Video telling Rioters at the January 6 Insurrection: "We love you; you're very special." However, Tesla CEO Elon Musk, who has proposed buying Twitter for $44 billion, has said he would Reinstate Trump's Account if the Deal completes. But did say he would Suspend not permanently Suspend Trump, depending on content of Posts.

Trump told Fox News he Won't return to Twitter even if his Account is Reactivated, although Advisers close to him, said they doubted this.

TMTG is planning to launch a Streaming service called TMTG+ and has posted Job ads for: Producers, Forbes reported Friday.

NYC Wins When Everyone Can Vote! Michael H. Drucker

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