Truth Social gets an extension in Digital World deal: reports
3 years ago by MicroWave to c/politics
Investors voted Tuesday to give the blank check company attempting to take Truth Social public another year to finalize its merger with former President Trump’s media startup, according to reports.
Shareholders in Digital World Acquisition Corp. (DWAC) granted the company a 12-month extension to close the deal with Trump Media & Technology Group (TMTG), just days before its Sept. 8 merger deadline, Axios reported.
This is the company’s second yearlong extension.
If the extension vote had failed, DWAC would have been required to liquidate and return the $300 million it raised to shareholders, according to Reuters.
No sympathy for that dumbass.
I used to work for a wealth management firm who got pre-IPO shares of DWAC. Even with the lockup period, anyone who bought those shares made an incredible amount of money. To anyone who invested at or after the IPO…they’ve lost quite a bit. Just goes to show that being good at investing boils down to having lots of money and knowing the right people. Basically the rich get richer with absolutely no risk while the average person gets fucked to line their pockets.
This is the best summary I could come up with:
Investors voted Tuesday to give the blank check company attempting to take Truth Social public another year to finalize its merger with former President Trump’s media startup, according to reports.
Shareholders in Digital World Acquisition Corp. (DWAC) granted the company a 12-month extension to close the deal with Trump Media & Technology Group (TMTG), just days before its Sept. 8 merger deadline, Axios reported.
If the extension vote had failed, DWAC would have been required to liquidate and return the $300 million it raised to shareholders, according to Reuters.
“Thank you for all of the outstanding support,” DWAC CEO Eric Swider said in a Truth Social post Tuesday.
The merger between DWAC and Truth Social’s parent company has been troubled.
The Justice Department announced charges against a former DWAC board member and two others in June for insider trading related to the merger, and the company agreed to pay an $18 million fine to settle fraud charges with the Securities and Exchange Commission in July.
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Anyone who invests in that media platform should be shamed and lose tons of money.
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