Trump's Social Truth Goes Public

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William Turton

Former President Donald Trump’s Truth Social, a cheeky Twitter clone, is set to go public next week.

Shareholders of Digital World Acquisition Corp. voted Friday to merge with Trump Media and Technology Group, the Truth Social company. The vote is the culmination of a years-long saga of merging Trump Media with a public industry company in what’s known as a SPAC deal. The company will trade under the ticker symbol DJT once it goes public.

At Rumble, more than 2,000 people watched a guy dressed in a Jack Sparrow dress call the shareholders’ meeting live. Once the voting was over, the discussion broke out. “THANK YOU JESUS!!!” I read a comment from an account called CanAmPatriot17.

The vote could give Trump a very broad provision of about $3. 5 billion in company assets, of which Trump owns about 60 percent. Digital World Acquisition’s asset value increased by approximately 4 percent after the vote was announced.

This eventual fortune may have come at a better time for the former president. Trump is scrambling to find money to cover a $454 million judgment he was awarded in New York state in a civil fraud case. Trump also owes E. Jean Carroll $83 million. , following a January ruling in a defamation trial over a previous jury’s findings that Trump sexually abused Carroll in a Bergdorf Goodman dressing room in the 1990s. Trump’s posts on Truth Social were used as evidence in the January case.

As part of Trump’s deal with the company, he has to wait about six months before selling shares. (Trump claimed this morning on Truth Social that he now has about $500 million in cash. )

Truth Social looks almost the same on Twitter, with a few key distinctions. Instead of “tweeting,” users post a “truth. ” A “retweet” is called a “retruth. “Unlike many right-wing Twitter clones, the site works well, generally stays online, and really happens to have a somewhat active user base. But since its launch in February 2022, after Trump was banned from mainstream platforms for inciting violence, the Jan. 6 insurrection at the Capitol has been embroiled in controversy.

This is precisely what one would expect from a Trump-inspired social network. It’s easy to find groups committed to QAnon, election deniers, and other conspiracies.

And in October 2022, Will Wilkerson, one of Trump Media’s most sensible employees, filed a complaint with the Securities and Exchange Commission, alleging that the company had made “fraudulent statements” in violation of federal securities laws. Wilkerson was fired a short time later after filing the complaint. Regardless, the SEC approved the merger proposal in February.

Trump Media co-founders Andy Litinsky and Wes Moss sued Trump Media in February, alleging that the company had devised a plan to dilute its shares. The two men, who are former aspiring apprentices and shareholders of the company, said the company had to comply through a 2021 agreement that gave them the ability to appoint directors to the company’s board and other monetary incentives.

The company has a meme stock, the functionality of which happens to be tied more to Trump’s political outlook than to the actual financial functionality of the company. The percentage value could rise dramatically before Trump has a chance to withdraw money.

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Trump’s Social Truth Goes Public

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