Having closed the merger of his social media company, Mr. Trump could find ways to raise cash against the value of his stake in the company, estimated at more than $3 billion.
Incorporated in February 2021, Trump Media & Technology Group intended to use a special-purpose acquisition company (SPAC) to facilitate its becoming a publicly traded company. On October 20, 2021, TMTG and Digital World Acquisition Corp. (DWAC), a publicly traded SPAC founded in September 2021 by Miami-based, former Deutsche Bank and Wall Street banker Patrick Orlando, announced that they had entered into a merger agreement that would combine the two entities, allowing TMTG to become a publicly traded company. DWAC was created with the help of ARC Capital, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that had been a target of SEC investigations for misrepresenting shell corporations. In 2021, the DWAC Trump venture was linked with another company, China Yunhong Holdings based in Wuhan, Hubei, until its lead banker who was running the merger promised to sever ties with China in December 2021, stating Yunhong was to “dissolve and liquidate”. In February 2022, Reuters reported that the connection between Shanghai-based ARC Capital and Digital World was more extensive than thought, with ARC having offered money to get the SPAC off the ground.
TLDR: Despite all his rhetoric, Trump is heavily in bed with China, and Truth Social is big part of that relationship. Becoming publicly traded was always the plan, and it’s now coming to fruition.
https://en.wikipedia.org/wiki/Trump_Media_%26_Technology_Group
TLDR: Despite all his rhetoric, Trump is heavily in bed with China, and Truth Social is big part of that relationship. Becoming publicly traded was always the plan, and it’s now coming to fruition.