Deer Lowered -- it is almost as if Trump is trolling everyone who has been whining for years about the "Biden Crime Family's" supposed connections with "shell companies" that have ties with China.
Former President Donald J. Trump’s social media company — and the parent of his favorite digital communications platform, Truth Social — merged with a shell company on Friday, raising Mr. Trump’s wealth by about $3 billion and potentially providing him a fresh source of cash to pay his mounting legal bills.
Investors in the shell entity, Digital World Acquisition Corporation, will now become shareholders of Trump Media & Technology Group, a three-year-old company that could begin trading on the stock market as early as Monday under the stock symbol DJT. The deal will transfer more than $300 million from Digital World’s coffers to Trump Media, a struggling business with little revenue, and allow Truth Social to keep operating.
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Digital World Acquisition Corp (DWAC), is an American special-purpose acquisition company, founded in 2021. In October 2021, the company announced a proposed merger agreement with Trump Media & Technology Group, the owner of Truth Social.
On October 20, 2021, DWAC and Trump Media & Technology Group announced that they had entered into a definitive 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 has been a target of U.S. Securities and Exchange Commission (SEC) investigations for misrepresenting shell corporations. Some investors were surprised to learn that their investment money was being used to finance a Trump company. 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 that 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.
Former President Donald J. Trump’s social media company — and the parent of his favorite digital communications platform, Truth Social — merged with a shell company on Friday, raising Mr. Trump’s wealth by about $3 billion and potentially providing him a fresh source of cash to pay his mounting legal bills.
Investors in the shell entity, Digital World Acquisition Corporation, will now become shareholders of Trump Media & Technology Group, a three-year-old company that could begin trading on the stock market as early as Monday under the stock symbol DJT. The deal will transfer more than $300 million from Digital World’s coffers to Trump Media, a struggling business with little revenue, and allow Truth Social to keep operating.
* * * *
Digital World Acquisition Corp (DWAC), is an American special-purpose acquisition company, founded in 2021. In October 2021, the company announced a proposed merger agreement with Trump Media & Technology Group, the owner of Truth Social.
On October 20, 2021, DWAC and Trump Media & Technology Group announced that they had entered into a definitive 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 has been a target of U.S. Securities and Exchange Commission (SEC) investigations for misrepresenting shell corporations. Some investors were surprised to learn that their investment money was being used to finance a Trump company. 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 that 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.
