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☆ Trump Media investor convicted of insider trading ahead of merger
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.

Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S

☆ Trump Media insider trading trial begins with co-founder testifying, 'I've never been paid at all'
▼ + stars: | 2024-05-01 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

The first witness in the insider trading case against Bruce Garelick was Andy Litinsky, a co-founder of Trump Media. Garelick has decided to take his chances with a jury after his two co-defendants, the brothers Michael Shvartsman and Gerald Shvartsman, pleaded guilty on April 3 to insider trading charges in the case. Garelick, Bach argued, "acted in good faith at all times." Shahabian repeatedly had Litinsky describe the confidentiality agreements in letters of intent that Trump Media signed with two prospective merger partners, DWAC and Bennessere Capital Acquisition Corp. Asked if he traded stock based on the confidential information, Litinsky likewise replied, "No," noting, "It would be against the rules."

Persons: Bruce Garelick, Amr Alfiky, Donald Trump, Andy Litinsky, Litinsky, Garelick, Michael Shvartsman, Gerald Shvartsman, Gerald, Attorney Elizabeth Hanft, Michael Schvartsman, Jonathan Bach, Bach, Bruce, Michael Shvartsman's, Matthew Shahabian, Wes Moss, Trump, Michael Kovac, Wireimage, Shahabian Organizations: Manhattan Federal Court, Reuters, Trump Media, Trump, Attorney, NBC, Hammerstein, DWAC, Bennessere, Corp Locations: Manhattan, New York City, U.S, Florida, DWAC, Providence , Rhode Island, Miami

☆ Marjorie Taylor Greene won’t say what happened to her Trump Media stock
▼ + stars: | 2024-04-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

Asked by CNBC and NBC News, Greene wouldn't say what happened to her stock in Digital World Acquisition Corp., which, through a merger with Trump Media and Technology Group, recently started publicly trading as DJT. Trump Media is the parent company of the former president's social media app, Truth Social. A spokesman for Bucshon confirmed to CNBC and NBC News that the Indiana lawmaker still owns stock in the now-merged media company despite the dipping stock price. But Greene would not say what's happened to her stock since her original purchase and her public disclosures have not shown that she sold DWAC or Trump media stock, according to documents archived by LegiStorm, raising questions among ethics lawyers about what happened to Greene's stock. Greene also would not say when asked by NBC News on Wednesday what happened to her Trump Media stock.

Persons: Marjorie Taylor Greene, Donald Trump, doesn't, Greene wouldn't, Greene, Larry Bucshon, Trump, Bucshon, DWAC, Chris Josephs, Josephs, Nick Dyer Organizations: Nasdaq, CNBC, NBC News, Trump Media, Technology Group, Social, DWAC, Indiana, Trump Locations: Rome , Georgia, DWAC

☆ Trump Media director accused of 'hacking' files in attempted corporate 'coup': lawsuit
▼ + stars: | 2024-04-10 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +4 min

That blank-check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Trump Media did not immediately respond to CNBC's requests for comment on the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. To access the account, which "stores the lifeblood" of both investment firms, Swider allegedly enlisted Cano, Orlando's former assistant.

Persons: Donald Trump, Stefani Reynolds, Donald Trump's, Eric Swider, Patrick Orlando, Swider, Orlando, Alexander Cano, DWAC's, he's, Cano, Orlando's, Brendan Mcdermid Organizations: AFP, Getty Images Investment, Benessere Investment Group, ARC Global Investments, Digital, Swider, Trump Media & Technology Group Corp, Nasdaq, Trump, DWAC, Securities and Exchange Commission, Trump Media, Wired, Orlando, collude, ARC II, ARC, Benessere, Truth Social, Trump Media & Technology Group Locations: Washington ,, South Florida, Orlando, Florida, Delaware Chancery, New York City, U.S

☆ Trump Media payday: What Truth Social executives got paid in stock and compensation
▼ + stars: | 2024-04-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +12 min

Those thresholds for the share price are well below where Trump Media stock was trading on Monday, when it closed at $37.17, down more than 8%. The filing disclosed that Trump Media awarded company stock to Nunes, chief financial officer Phillip Juhan, and chief operating officer Andrew Northwall. The three top executives, like Trump himself, are currently barred from selling any of their common stock in Trump Media for the next six months. CNBC asked a spokeswoman for Trump Media why promissory notes were used to grant stock to the executives. Legal battlesBesides Trump, the biggest shareholders in Trump Media are two corporate entities.

Persons: Dado Ruvic, Donald Trump, Devin Nunes, Trump, Kevin Murphy, Murphy, Nunes, Phillip Juhan, Andrew Northwall, Juhan, Northwall, DWAC, we've, Tom Williams, Kash Patel, Patel, Dan Scavino, Scavino, Department of Defense Kash Patel, Justin Sullivan, Sandro De Moraes, Vladimir Novachki, Scott Glabe, Novachki, Glabe, De Moraes, Eric Swider, beneficially, Renatus, Swider, Andy Litinsky, Wes Moss, Moss, Patrick Orlando, Mike Pont Organizations: Trump Media, Trump . Trump Media, Nasdaq, Corp, Trump, University of Southern, Securities and Exchange Commission, DWAC, SEC, CNBC, Partners, Northwall, Juhan, Trump Media's, U.S, Capitol, CQ, Inc, Getty, Equity, Messrs, Republican, Hudson Digital, Trump White House, Staff, Department of Defense, Digital, Renatus, ARC Global, United Atlantic Ventures, Twitter, Facebook, NBC, FilmMagic Locations: Juhan, California, Minden, Minden , Nevada, Orlando, New York City

☆ Trump Media sues its co-founders, accuses them of 'severe mismanagement'
▼ + stars: | 2024-04-02 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

The media company that Donald Trump recently took public is suing its co-founders, accusing them of failing "spectacularly" to get the company off the ground and then trying to "thwart the deal." In February, Moss and Litinsky sued Trump Media in Delaware Chancery Court over their stake in the company. They made "wasteful decisions" that caused "significant damage" to Trump Media and a decline in DWAC's stock price, the company claims. Trump Media calls the claim that UAV is owed stock "baseless," and says the services agreement Trump signed with UAV in 2021 is no longer valid. Lawyers for Trump Media did not immediately respond to CNBC's request for comment on the lawsuit.

Persons: Donald Trump, Wesley Moss, Andrew Litinsky, Trump, Moss, Litinsky, Patrick Orlando, Eric Trump Organizations: Trump Media & Technology Group, United Atlantic Ventures, Trump, Trump Media, Corp, Nasdaq, Orlando's, Securities and Exchange Commission, Bloomberg, Lawyers Locations: Sarasota County , Florida, Delaware Chancery, Florida

☆ Trump's net worth reportedly soars to $6.5 billion after media company stock jumps
▼ + stars: | 2024-03-25 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

The bonanza was the result of a merger approved Friday between Trump's social media company, Trump Media & Technology Group, and a shell company, Digital World Acquisition Corp., known as DWAC . Trump owns nearly 80 million shares, or roughly 58%, of Trump Media, which operates his social media site Truth Social. At DWAC's closing price Monday of $49.95 a share , Trump's stock was worth $4 billion on paper. The newly merged social media company said it will begin trading Tuesday under the ticker symbol DJT. MSNBC's Stephanie Ruhle on Friday described Trump's media company as a meme stock largely dependent on one man: Trump.

Persons: Donald Trump, Trump, MSNBC's Stephanie Ruhle Organizations: Trump Media & Technology Group, Bloomberg, Trump, Trump Media Locations: New York City, York

☆ Truth Social owner Trump Media will begin trading under DJT ticker Tuesday
▼ + stars: | 2024-03-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Former President Donald Trump's newly merged social media company will begin trading under the stock ticker symbol DJT on Tuesday, the firm said in a new regulatory filing. The company, which owns the Truth Social app platform, will be called Trump Media & Technology Group Corp., and will trade on the NASDAQ market. TMTG is the result of a combination of Trump's company and the shell company Digital World Acquisition Corp.A majority of DWAC shareholders on Friday voted to approve the merger with TMTG. DWAC's share price soared up to 25% higher on Monday's news, recovering losses it saw Friday after the merger was approved. Former DWAC CEO Eric Swider will become a director of Trump Media.

Persons: Donald Trump's, Trump, Devin Nunes, DWAC, Nunes, Eric Swider Organizations: Trump Media & Technology Group Corp, NASDAQ, TMTG, U.S . Securities, Exchange Commission, Trump Media, Big Tech

☆ Trump says 'I love Truth Social' one day after DWAC stock plunges on social media merger vote
▼ + stars: | 2024-03-23 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Chart for price of shares in Digital World Acquisition Corp. in days leading up to and including shareholder approval of merger with Donald Trump's social media company. Donald Trump on Saturday told his many online followers, "I LOVE TRUTH SOCIAL" — but shareholders in the newly merged company that will own that social media app might not feel so great after a sharp drop in price the day before. The shell company Digital World Acquisition Corp. saw its share price plunge nearly 14% in the hours following shareholder approval Friday morning of a merger with the former president's social media company to take it public. DWAC shares closed trading Friday afternoon at $36.94 per share. After-hours trading saw the stock recover a bit to $38.55 per share.

Persons: Donald Trump's, Donald Trump Organizations: Corp, Saturday, Trump Media

☆ Trump social media company will go public as DWAC shareholders approve merger
▼ + stars: | 2024-03-22 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Shareholders in Digital World Acquisition Corp. voted Friday to approve a merger with Donald Trump's social media company, a deal that could net the former president an eventual windfall of $3 billion or more. The vote by DWAC shareholders comes about 2½ years after the so-called special purpose acquisition company announced plans to merge with Trump Media & Technology Group, the private firm that owns the Truth Social app platform. Shares in the newly combined company, Trump Media, could begin to be publicly traded next week under the stock symbol DJT, Trump's initials. The value of Trump's shares in the merged company would be affected by any decline in DWAC's share price.

Persons: Donald Trump, Donald Trump's, Letitia James Organizations: Corp, Trump Media & Technology Group, Trump, New York, Trump Media Locations: Washington ,

☆ Trump Media sued by co-founders ahead of DWAC merger, potential setback for lucrative deal
▼ + stars: | 2024-02-29 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Donald Trump (R) and producer Andy Litinsky (L) attend the Comedy Central Roast Of Donald Trump at the Hammerstein Ballroom on March 9, 2011 in New York City. The partnership, United Atlantic Ventures alleges that Trump Media & Technology Group engaged in "wrongful 11th hour ... maneuvering" to dilute UAV''s minority stake in the media company, a court filing says. Donald Trump attends the 'Celebrity Apprentice' Red Carpet Event at Trump Tower on January 5, 2015, in New York City. "They actually went out and did the work, they created Truth Social, and now the beneficiary of that, Donald Trump, doesn't want to pay." CNBC has requested comment from spokesmen for Trump, TMTG and DWAC about the lawsuit, which was first reported by The Washington Post.

Persons: Donald Trump, Andy Litinsky, Moss, Wes Moss, Trump, Jean Carroll, Christopher Clark, Clark, Donald J, TMTG, UAV's, TMTG's Organizations: Trump Media, Twitter, Facebook, United Atlantic Ventures, Trump Media & Technology Group, Trump Tower, Trump, Republican, TMTG, CNBC, The Washington Post, Securities and Exchange Commission, Department of Justice, SEC Locations: New York City, TMTG, Delaware, New York, partnership's Delaware

☆ DWAC shares soar as merger with Trump social media company appears closer
▼ + stars: | 2024-02-15 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. jumped 15% Thursday morning after the special purpose acquisition company announced Wednesday night that it is close to completing its proposed merger with Trump Media and Technology Group, former President Donald Trump's social media company. That SPAC first began merger talks with Trump's media group, which operates the Truth Social platform, in October 2021. Shvartsman last week was hit with a new money laundering count related to transfers he allegedly conducted after netting a profit of $18.2 million from selling DWAC stock. Shares of DWAC have rallied in recent months as Trump has emerged as the likely Republican nominee for president in November.

Persons: Donald Trump, Donald Trump's, DWAC, Eric Swider, Michael Shvartsman Organizations: Corp, Trump Media, Technology Group, The Securities, Exchange Commission, Department of Justice, SEC, Shvartsman, Trump, Republican Locations: Washington ,, Florida, New York

☆ Trump Media SPAC insider trading defendant hit with new money laundering count
▼ + stars: | 2024-02-07 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A man already charged with insider trading related to a shell company's planned merger with Donald Trump's social media firm was hit with a new money laundering count in Manhattan federal court. The new indictment details two money transfers Shvartsman conducted after netting a profit of about $18.2 million from selling Digital World Acquisition Corp . Shvartsman, his brother Gerald Shvartsman and Bruce Garelick were indicted in June on securites fraud charges related to their sale of DWAC securities in fall 2021 and other conduct. The trio of investors allegedly bought DWAC securities after learning on a confidential basis that the so-called special purpose acquisition company was eyeing a merger with Trump Media and Technology Group. TMTG includes the social media platform Truth Social, which is one of the former president's favorite methods for communicating with supporters online.

Persons: Michael Shvartsman, Donald Trump's, Shvartsman, Gerald Shvartsman, Bruce Garelick, DWAC Organizations: Federal, Corp, Trump Media, Technology Group, TMTG, Prosecutors Locations: New York, Manhattan

☆ Trump's social media company has lost over $31 million since its launch, faces potential shutdown
▼ + stars: | 2023-11-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Truth Social is the alternative social media platform backed by former President Donald Trump, who posts on it several times a day. If the merger does not happen, the DWAC filing warned, TMTG might be unable to "fully develop" Truth Social. Trump returned to X in August, though he has said Truth Social is still his primary social media platform. Trump's presence on Truth Social started as a boon for the company but has now become a crutch. But even the former president's loyalty to Truth Social may not be enough to keep the platform afloat on its own.

Persons: TMTG, Donald Trump, DWAC, Devin Nunes, Nunes, Trump, Elon Musk Organizations: Trump Media, Technology Group, Truth, SEC, Securities and Exchange, Trump, Republican, DWAC, Twitter, Facebook, U.S . Capitol, Big Tech, Tesla

☆ Digital World, Trump's media firm add new termination clause to merger deal
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

The move comes weeks after Digital World investors voted to give up to a one-year extension to complete the much-delayed deal. The blank-check firm amended the merger agreement on Sept. 29, according to the filing, which also disclosed that Digital World can terminate the agreement only in that three-week period in November. Digital World has faced a series of challenges since it stuck a merger deal with Trump Media & Technology Group (TMTG) on October 2021. If the merger closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.

Persons: Donald Trump, Mike Blake, Donald Trump's, DWAC's, Jaspreet Singh, Anil D'Silva Organizations: U.S, Republican, California Republican Party, REUTERS, Digital, Securities and Exchange Commission, Trump Media & Technology, U.S . Department of Justice, SEC, Trump Media, Trump, Thomson Locations: Anaheim , California, U.S, Bengaluru

Digital World needed to get 65% of its roughly 400,000 shareholders to vote to approve the extension. Shares of Digital World were trading at $16.80 on Tuesday, up 1.8% on the day but down from a peak of around $97 a share in March, 2022. Digital World has faced a series of challenges since the October 2021 announcement that it was planning to acquire TMTG. If DWAC's deal with TMTG closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.

Persons: Donald Trump, Evelyn Hockstein, Donald Trump's, TMTG, Svea Herbst, Bayliss, Emelia Sithole, Paul Simao Organizations: Fair, REUTERS, U.S, Trump Media & Technology, U.S . Department of Justice, Securities and Exchange Commission, SEC, Trump Media, Trump, Reuters, Svea, Thomson Locations: Iowa, Des Moines , Iowa, U.S

☆ Digital World shareholders vote to extend time for deal with Trump media company
▼ + stars: | 2023-09-05 | by ( ) www.cnbc.com time to read: +1 min

After a number of delays, enough shareholders agreed to give DWAC up to an additional 12 months to finalize its plans with Trump Media & Technology Group (TMTG), a person familiar with the vote said on Tuesday. Digital World needed to get 65% of its roughly 400,000 shareholders to vote to approve the extension. Digital World has faced a series of challenges since the October 2021 announcement that it was planning to acquire TMTG. If DWAC's deal with TMTG closes, Trump Media would gain access to more than $1 billion in cash from DWAC's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media.

Persons: Donald Trump's, TMTG Organizations: U.S, Trump Media & Technology, Digital, U.S . Department of Justice, Securities and Exchange Commission, SEC, Trump Media, Trump

☆ Trump Media merger partner DWAC soars 50% after SEC fraud settlement
▼ + stars: | 2023-07-21 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). DWAC is a special purpose acquisition company, or SPAC, that announced plans to merge with Truth Social parent company Trump Media & Technology Group in October 2021. DWAC's SEC settlement dictates that the company must pay an $18 million civil penalty fee if it merges with TMTG and takes the company public. But if the merger does not occur before the Jan. 1, 2025, deadline, and if DWAC returns investors' money, the SEC has agreed to waive the penalty. It is illegal for SPACS to solicit specific merger targets ahead of an actual initial public offering filing.

Persons: Donald Trump's, DWAC, Trump Organizations: Trump Media, Technology, Securities and Exchange Commission, Social, Trump Media & Technology Group, SEC, SPACS, Florida, White House, Republican Locations: DWAC, New York, Georgia

☆ Trump Media merger partner DWAC settles with SEC over fraud charges
▼ + stars: | 2023-07-20 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +2 min

Former U.S. President and Republican presidential candidate Donald Trump speaks at a campaign event in Council Bluffs, Iowa, July 7, 2023. WASHINGTON — The Securities and Exchange Commission announced Thursday that it had settled fraud charges with Digital World Acquisition Corp ., the company that is seeking to take former President Donald Trump's social media venture public. As part of the settlement, DWAC was ordered to pay an $18 million civil penalty fee in the event that it executes a final merger and takes Trump Media and Technology Group public. Shares of DWAC rose 30% in extended trading following the SEC announcement. The fraud charges stem in part from what the SEC says were DWAC's "extensive SPAC merger discussions" with Trump's media company several months before filing paperwork to go public in Sept. 2021.

Persons: Donald Trump, Donald Trump's, DWAC, Patrick Orlando, Trump Organizations: U.S, Republican, WASHINGTON — The Securities, Exchange Commission, Trump Media, Technology Group, SEC, White House Locations: Bluffs , Iowa, Florida, DWAC, New York, Georgia

☆ 3 investors charged with insider trading ahead of deal to take Donald Trump's social-media company public
▼ + stars: | 2023-06-30 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The US Department of Justice charged three men with insider trading on Thursday. Prosecutors said the investors illegally made $22 million trading shares in a blank-check company in October 2021. The trio loaded up on shares in DWAC just days before it announced a plan to merge with Trump Media and Technology Group. Neither Trump nor Trump Media are accused of any wrongdoing. Authorities said that Garelick, who served on DWAC's board of directors in addition to his role as Rocket One's investing chief, gave "intelligence" about a potential merger with Trump Media to the Shvartsmans.

Persons: Prosecutors, —, Donald Trump's, Michael Shvartsman, Gerald Schvartsman, Bruce Garelick, Garelick, DWAC didn't Organizations: US Department of Justice, Trump Media, Technology, Service, Department of Justice, Trump, Authorities, Federal Reserve Locations: DWAC

☆ Trump Media merger partner loses board member days before pivotal shareholder meeting
▼ + stars: | 2022-11-17 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. DWAC's CEO, Patrick Orlando, has adjourned the meeting multiple times in recent months as he seeks shareholder approval to delay his company's merger with Trump Media and Technology Group, which owns the Truth Social app, by about a year. Will Wilkerson, a former Trump Media executive, turned over documents to the Securities and Exchange Commission and filed a whistleblower complaint, claiming misrepresentations by the companies. Trump Media has also blamed regulators for the delay of its merger with DWAC. He has about 4 million followers on Truth Social.

☆ Shares of Truth Social merger partner fall after Trump's candidates underwhelm in midterm elections
▼ + stars: | 2022-11-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Shares of the blank check company set to take Trump Media and its Truth Social platform public fell sharply Wednesday after candidates endorsed by the former president disappointed in high-profile midterm election races. Another presidential run could drive traffic to Trump's Truth Social platform, as the ex-president has agreed to post exclusively on the social media platform for eight hours before posting it anywhere else. DWAC has been working to secure enough shareholder support to extend the deadline for the merger with Trump Media until Sept. 2023, with the vote being pushed back multiple times. The merger also faces a criminal probe into possible securities violations over discussions that took place between DWAC and Trump Media prior to the deal announcement.

☆ Trump Media deal partner DWAC adjourns shareholder meeting for sixth time as it seeks votes to delay merger
▼ + stars: | 2022-11-03 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. Digital World Acquisition Corp ., the shell company set to take Trump Media and Technology Group and its Truth Social platform public, adjourned a shareholder vote on the planned merger for a sixth time Thursday as its Dec. 8 liquidation date nears. DWAC needs 65% of its shareholders to approve an extension of the Trump Media merger to September 2023, a year beyond its original deadline. At least $138 million of the $1 billion that would go to Trump Media has been pulled by these investors. The former president, however, has indicated he will be staying exclusively on Truth Social.

☆ Truth Social merger partner's shares slip after Trump weighs in on Elon Musk Twitter deal
▼ + stars: | 2022-10-28 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Shares of Digital World Acquisition Corp. , the blank check company set to take Trump Media and Technology Group and its Truth Social platform public, slipped Friday as Elon Musk took the reins at Twitter. The former president had around 88 million followers on Twitter, but he's amassed only 4.37 million on Truth Social. Barring legal intervention, Trump Media currently has until December to complete the merger with DWAC and go public. Trump posted on Truth Social Friday praising Musk's acquisition, but also touting his own platform. "TRUTH SOCIAL has become somewhat a phenomena.

☆ Trump SPAC stock jumps after Google adds Truth Social to Play Store
▼ + stars: | 2022-10-12 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. Shares of Digital World Acquisition Corp ., the company aiming to take former President Donald Trump's media company public, jumped during after-hours trading after Google added the Truth Social app to its Play Store. Google reinstated Parler, a platform similar to Truth Social, to the Play Store in September after the app was substantially modified to comply with Google's policies. DWAC's private investors were set to provide $1 billion to Trump Media upon the merger's completion. Meanwhile, a whistleblower from within Trump Media, William Wilkerson, has provided the SEC with internal documents.

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