In some bizarre twist of irony, the twice-impeached ex-president who never won the popular vote is starting a new social media platform called “TRUTH Media.” This is the same man who is recorded as having told 30,573 lies during his time in the White House, and that number doesn’t even include the number of lies told during his campaign. Truth isn’t really his thing.
How Trump Is Using a SPAC to Bankroll a New Social Media Company https://t.co/nMIp3HuwIY
— The New York Times (@nytimesblog) October 21, 2021
Keeping investors involved considering the massive unpopularity of Trump and his immoral, unethical stance on nearly every subject. No one wants to be involved with, and several companies that once featured Trump’s name have since stopped using it. The record Trump has of companies dropping him since he left office indicates that Trump won’t be able to start any company with a large number of investors, including his new social media company.
According to The New York Times:
‘One of Digital World’s major investors was Saba Capital, a $3.5 billion hedge fund run by Boaz Weinstein. Mr. Weinstein said on Thursday that after learning of the Trump deal, his firm sold much of its stake in Digital World in the early morning, notching a small profit before the shares soared higher. “Many investors are grappling with hard questions about how to incorporate their values into their work,” Mr. Weinstein said in a statement. “For us, this was not a close call.”’
Trump Media & Technology Group is partnering with Digital World Acquisition Corp, a SPAC headed by Patrick F. Orlando who runs Benessere Capital
The CFO is Luis Orleans-Braganza, a royal prince from Brazil aligned with Bolsonaro https://t.co/8n2eUpjOeE
— Wendy Siegelman (@WendySiegelman) October 21, 2021
Trump’s ban on Twitter is behind his desire for a new platform. After all, he really needs a safe space to lie without fact checkers correcting him, and he needs to be able to incite riots against the U.S. government with impunity. He wants a social media company that allows anyone to talk about anything, except for Trump and his companies, as users have to pledge not to disparage them. So much for saying whatever they like.
‘Digital World, which was set up shortly after Mr. Trump lost the 2020 election, last month raised nearly $300 million, largely from big investors.’
— Yu Lin (@wm_yin) October 21, 2021
Although there isn’t a shortage of investors, the fact that there are investors leaving as soon as they figure out Trump is involved is telling. Considering that no one really wants Trump’s name attached to theirs means it’s quite possible that other investors will quickly do the same.
‘As is standard in “blank check” deals, the investors in some cases ponied up as much as $30 million without much guidance as to how Digital World would spend their money, officials at several of the hedge funds said. All they knew was what Digital World said in its securities filing — that it was looking to invest in “middle-market emerging growth technology-focused companies.” It didn’t give any hint that it was hoping to merge with a social-media company or to work with the former president.’
Donald Trump launching a social network named Truth. What’s next, a Steve Bannon skincare line?
— Tim Hannan (@TimHannan) October 21, 2021