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Trump Media Merger Approved, Allowing Truth Social to Go Public (www.nytimes.com)

submitted 2 years ago* (last edited 2 years ago) by return2ozma@lemmy.world to c/news@lemmy.world

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[–] HarkMahlberg@kbin.social 17 points 2 years ago* (last edited 2 years ago)

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.

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.