TRUTH Social Trump's $1 billion investment looks as though nothing illegal had gone down despite a plan to go public via a special purpose acquisition company (or SPAC), which would allow the ex-president to get rich by selling stock—without actually having to build a profitable company or even launch the social network at all.
Rep. Devin Nunes, a close ally of former President Donald Trump and the former chair of the House Intelligence Committee, will resign from Congress later this month to run Trump’s new social media company, TRUTH Social.
Trump announced that he is suing Big Tech CEOs including Facebook’s Mark Zuckerburg, Twitter’s Jack Dorsey and Google’s Sundar Pichai over alleged censorship. On Oct. 27, Trump announced the launch date for “TRUTH Social,” which he said would help Americans “stand up to the tyranny of Big Tech.” The final launch, according to Fox News, will take place in the first quarter of 2022. TRUTH Social is a part of Trump's new company, Trump Media & Technology Group (TMTG).
Securities regulators have opened investigations into the planned merger of a nascent social media company backed Donald Trump with a so-called blank-check company that raised nearly $300 million in an initial public offering in September. Digital World was established as a special purpose acquisition company—an entity that raises money through an IPO and then seeks a company to acquire. When SPACs go public, they are not supposed to have engaged in merger talks without disclosing that to investors.
Stay tuned.