Donald Trump, despite his claims that he is a successful businessman, has helmed a significant number of failed ventures. Businesses like Trump Steaks and Trump Water, as well as casinos and other businesses, have resulted in numerous bankruptcies for the ex-president. His latest project, the Truth Social media platform meant to replace Twitter after they banned him, now appears to be potentially headed in the same direction.
the Trump Steaks of social media https://t.co/afVVD3BKKG
— Aaron Rupar (@atrupar) September 6, 2022
Digital World Acquisition Corp, referred to as a “blank check acquisition firm” by Reuters, has failed to garner enough shareholder support to extend the deal to merge with Trump Media & Technology Group for one year, putting over a billion dollars in funding at risk. Both civil and criminal investigations into the deal have scared away shareholders, and rightfully so, placing the future of the social media platform in uncertain circumstances.
According to Reuters:
‘Digital World needs 65% of its shareholders to vote in favor of the proposal to extend its life by 12 months for the move to become effective. By Monday evening, far fewer Digital World shareholders than those required had voted in favor, the sources said.’
The company is exploring other options, considering delay tactics, but shares in the company have drastically dropped in value in recent weeks and increasing shareholder support of the merger is unlikely. Should the merger fail, Digital World Acquisition Corp will be forced to liquidate by Thursday and return shareholder investments in Truth Social.
Twitter discussed Trump’s latest business failure and had much to say about the news. Read some of their comments below: