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☆ 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

☆ Digital World slides as Trump returns to X, formerly Twitter
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsAug 25 (Reuters) - Shares of Digital World Acquisition Corp (DWAC.O), which has agreed to merge with Donald Trump's media company, fell 5% in premarket trading on Friday after the former U.S. president returned to social media platform X. He had over 88 million followers on the platform before the ban, while he had 6.39 million followers on Truth Social as of Friday. Blank-check firm Digital World said in October 2021 it had agreed to merge with TMTG, in a deal that would infuse the Truth Social parent with $1.3 billion in cash. The deal, however, faced scrutiny for months and Digital World settled fraud charges with the U.S. securities regulator earlier this year that had delayed its closing. Digital World earlier this month pushed the deadline for the merger by over three months to Dec. 31, in the latest extension.

Persons: Donald Trump, Evelyn Hockstein, Donald Trump's, Trump, Elon Musk, Chavi Mehta, Sriraj Organizations: Fair, REUTERS, Trump Media & Technology, Twitter, U.S, Capitol, Nasdaq, Thomson Locations: Iowa, Des Moines , Iowa, U.S, Fulton County Jail, Georgia, Bengaluru

Trump, who had over 88 million followers when Twitter banned him, posted a photo on Thursday of the mug shot with the words: "ELECTION INTERFERENCE! On Thursday evening, Trump broke from a vow that he would stick exclusively with his new platform Truth Social, the app developed by his Trump Media & Technology Group (TMTG) startup. Trump had 6.4 million followers on Truth Social as of Thursday. Truth Social has been Trump’s main source of direct communication with his followers since he began posting on the app regularly in May. The former president has used Truth Social to promote his allies, criticize his opponents and defend his reputation amid legal scrutiny from state, congressional and federal investigators.

Persons: Donald Trump, Trump, Elon Musk, ”, Georgia's, Tucker Carlson, TMTG, DWAC, Eric Beech, Costas Pitas, Mike Scarcella, Howard Goller, Stephen Coates Organizations: Twitter, U.S . Capitol, House, U.S, REUTERS Acquire, Fox News, Trump Media & Technology, Trump, Department of Justice, SEC, DWAC, TMTG, U.S . Constitution, Thomson Locations: Fulton County Jail, Georgia, Francisco, U.S ., U.S, California, Pasadena , California

☆ Digital World extends deadline for merger with Donald Trump's media company
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Former U.S. President and Republican presidential candidate Donald Trump speaks during a campaign rally in Windham, New Hampshire, U.S., August 8, 2023. REUTERS/Reba SaldanhaAug 9 (Reuters) - Digital World Acquisition (DWAC.O) and former U.S. President Donald Trump's media company on Wednesday extended the deadline for their merger by over three months to Dec. 31, as they work to close the deal that has been delayed by regulatory scrutiny. The move comes weeks after blank-check firm DWAC settled fraud charges with the U.S. securities regulator, clearing some of the uncertainty over its merger with Trump Media & Technology Group (TMTG) - the parent company of the Truth Social app. The firm, which originally struck a deal to merge with TMTG in October 2021, had in June extended the deadline to Sept. 8. The company in July named Eric Swider as its new CEO after ousting Patrick Orlando in March.

Persons: Donald Trump, Reba Saldanha, Donald Trump's, DWAC, Eric Swider, Patrick Orlando, Jaspreet Singh, Anil D'Silva Organizations: U.S, Republican, REUTERS, Trump Media & Technology, TMTG, U.S . Securities, Exchange Commission, Thomson Locations: Windham , New Hampshire, U.S, Bengaluru

☆ Trump-linked SPAC surges as fraud settlement lifts hopes for deal completion
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

"It was weighing on shares and this gives investors hope that a deal could be completed," said Dennis Dick, a trader and equity market structure analyst at Triple D Trading. If the deal consummates, TMTG will have more than $1 billion of cash in its reach from the SPAC's institutional investors. Earlier, the SPAC had extended the deadline to acquire TMTG by three months to Sept. 8 and named interim boss Eric Swider as its chief executive officer. Trump founded Truth Social months after he was permanently suspended on Twitter and Meta Platforms' (META.O) Facebook and has since amassed more than 5.5 million followers on his conservative social media platform. Reporting by Akash Sriram in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump's, Dennis Dick, TMTG, DWAC, Eric Swider, Trump, Akash Sriram, Shweta Agarwal Organizations: U.S, Trump Media & Technology, Triple D, SEC, Truth, Twitter, Facebook, Thomson Locations: Bengaluru

☆ 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

☆ SPAC seeking to merge with Trump's media company settles with the SEC
▼ + stars: | 2023-07-20 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The Securities and Exchange Commission announced Thursday that it settled with the blank-check company seeking to merge with former President Donald Trump’s media company. Nearly two years ago, TMTG announced that it would merge with Digital World, which is a special purpose acquisition company, or SPAC. A SPAC, also known as a blank-check company, is a shell company that debuts on the public market with the stated intent to acquire an existing private company. The SEC said it also found that Digital World failed to disclose that its CEO had a potential conflict of interest with TMTG based on a previous agreement he signed with the company. Last month, federal prosecutors arrested three investors on insider trading charges related to Digital World’s deal with Trump’s media company.

Persons: Donald Trump’s, TMTG, DWAC, “, ”, Gurbir, Grewal Organizations: CNN, Securities, Exchange Commission, SEC, Acquisition, Trump Media & Technology Locations: SEC’s

☆ 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

The merger, which would take Trump Media public, has yet to occur. The proposed Digital World-Trump Media merger remains uncertain. If it closes, Trump Media would gain access to more than $1 billion in cash from Digital World's institutional investors, such as hedge funds. According to a Feb. 2, 2021 services agreement, Trump controls 90% of Trump Media. Digital World shareholders are set to vote in August on whether to extend the deadline to September 2024.

Persons: Michael Shvartsman, Amr Alfiky, Donald Trump's, Michael, Gerald Shvartsman, Bruce Garelick, District Judge Lewis Liman, Trump, Garelick, Shvartsman, Jody Godoy, Jonathan Stempel, Richard Chang Organizations: Manhattan Federal Court, REUTERS, U.S, Trump Media & Technology Group, Trump Media, District, Rocket, Digital, Authorities, U.S . Securities, Exchange Commission, Trump, Court, Southern District of, SEC, Thomson Locations: Manhattan, New York City, U.S, Florida, New York, Miami, Southern District, Southern District of New York

☆ Exclusive: Head of engineering for Trump’s Truth Social app resigns
▼ + stars: | 2023-07-17 | by ( Helen Coster | ) www.reuters.com time to read: +2 min

NEW YORK, July 17 (Reuters) - The head of engineering for the company that operates former U.S. President Donald Trump’s Truth Social app told Reuters on Monday he had resigned, in a blow for the venture. Gleason is the founder of Soapbox Technology, which provides open-source technology for “decentralized” social media platforms that operate on independently-run servers and provide an alternative to Twitter and Facebook. TMTG hired Gleason in January 2022 to adapt Soapbox’s technology for its own needs, eventually using it as the front-end technology - which users see and interact with - for the Truth Social app. Truth Social has struggled to show strong growth in the number of users since its February 2022 launch. Truth Social has an estimated 607,000 monthly users, according to data from Similarweb.

Persons: Donald Trump’s, Alex Gleason’s, Gleason, TMTG, Trump, DWAC, Helen Coster, Deepa Babington Organizations: YORK, Trump Media & Technology, Trump, U.S, Capitol, Twitter, Facebook, Social, Similarweb, Justice Department, Securities and Exchange Commission, Thomson

☆ Trump-tied SPAC Digital World names Swider as permanent CEO
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Digital World Acquisition (DWAC.O) has named Eric Swider as CEO, handing the interim boss reins of the blank-check company that is looking to complete its planned merger with former U.S. President Donald Trump's media and tech company. The move comes nearly four months after the special-purpose acquisition company (SPAC) ousted CEO Patrick Orlando, saying that a new management team was needed to tackle "unprecedented headwinds". Swider said on Monday the company's focus will continue to be on completing the merger with TMTG, as it is the "best option for shareholders". DWAC shares were up around 1% in premarket trading. Reporting by Jaspreet Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Eric Swider, Donald Trump's, Patrick Orlando, DWAC, Swider, Jaspreet Singh, Maju Samuel Organizations: U.S, Trump Media & Technology, Justice Department, Securities and Exchange Commission, TMTG, Thomson Locations: Bengaluru

☆ Trump-tied SPAC reaches agreement with SEC staff over merger
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - A blank-check firm, which was set to merge with former U.S. President Donald Trump's media company and under regulatory investigation, has reached an agreement with the staff of the Securities and Exchange Commission, a filing showed on Monday. The special purpose acquisition company (SPAC), Digital World Acquisition Corp (DWAC.O), said in the filing that the agreement was in principle and not yet definitive, and the terms were subject to the SEC's approval. In October 2021, Trump's newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. But the SPAC deal was in doubt after the Justice Department and the SEC said they were investigating it. If the SEC approves the settlement, it will enter a cease-and-desist order finding DWAC violated certain antifraud provisions in connection with the proposed merger.

Persons: Donald Trump's, DWAC, Arshreet Singh, Shweta Agarwal Organizations: U.S, Securities and Exchange Commission, Trump Media & Technology, Justice Department, SEC, Thomson

☆ SPAC seeking merger with Trump’s media company agrees to settlement with SEC
▼ + stars: | 2023-07-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

The terms are not yet definitive, according to an SEC filing, and the final agreement is subject to approval by the commission. If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated “antifraud provisions” connected to initial public offering filings. Nearly two years ago, former President Donald Trump’s media group agreed to combine with DWAC to bring the company public through what’s known as a SPAC, or a Special Purpose Acquisition Corporation. TMTG is not a party to the settlement, according to the SEC filing, and did not consent to it. “TMTG may disagree and try to terminate the Merger Agreement,” the SEC filing said.

Persons: New York CNN —, it’s, Donald Trump’s, DWAC, “ DWAC, Matt Egan, Kara Scannell Organizations: New, New York CNN, Corp, Securities and Exchange Commission, Truth Social, Trump Media & Technology Group, SEC Locations: New York

☆ 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 had sought to prevent top aides, including his then-Vice President Mike Pence, from testifying in that probe being weighed by a separate D.C. grand jury. Pence appeared before the grand jury in April after Trump lost his legal challenge. Trump repeatedly lambasted Pence before the attack for refusing to try to prevent Congress from certifying Democrat Joe Biden’s win in the 2020 presidential election. Legal experts said Trump may have violated at least three Georgia criminal election laws: conspiracy to commit election fraud, criminal solicitation to commit election fraud and intentional interference with performance of election duties. NEW YORK ATTORNEY GENERAL CIVIL LAWSUITNew York Attorney General Letitia James sued Trump and his family business, the Trump Organization, last September for fraud.

Persons: Donald Trump, General Merrick Garland, Jack Smith, Trump, Trump's, Mike Pence, Pence, Joe Biden’s, Fani Willis, Brad Raffensperger, Michael Cohen, Daniels, Cohen, reimbursing Cohen, Jean Carroll, Carroll, Letitia James, James, Joseph Ax, Luc Cohen, Karen Freifeld, Sarah N, Lynch, Jonathan Stempel, Jacqueline Thomsen, Susan Heavey, Noeleen Walder, Howard Goller Organizations: U.S . Department of Justice, CAPITOL, U.S, Capitol, Justice Department, Trump, Democrat, Republican Georgia, U.S . Constitution, Trump's, Prosecutors, CNN, GENERAL, New York, Trump Organization, The Securities, Exchange Commission, Financial Industry Regulatory Authority, Thomson Locations: United States, GEORGIA, Fulton County, Georgia, U.S ., New York, Manhattan

☆ Trump-backed SPAC Digital World names new CFO
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

April 13 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, on Thursday named Katherine Chiles as its chief financial officer. The development comes after Digital World in March ousted Chief Executive Patrick Orlando, saying that due to "unprecedented headwinds faced by the company" the board had agreed to select a new management team. The company also named Alexander Cano as president and secretary on March 11, according to a filing on Thursday. In October 2021, Trump's newly formed media company, Trump Media & Technology Group, announced a deal to go public by merging with Digital World. Late last year Digital World's Chief Financial Officer Luiz Braganza left the company.

Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials (.SPLRCI), down 2.25%, followed by a 1.72% loss in energy (.SPNY). The S&P 500 declined 0.58% to end the session at 4,100.68 points, closing lower for the first time in a week. The Nasdaq declined 0.52% to 12,126.33 points, while the Dow Jones Industrial Average declined 0.59% to 33,403.04 points. REUTERS/Brendan McDermidHealthcare (.SPXHC) and utilities (.SPLRCU), which many investors expect to hold up better during an economic slowdown, were among the few S&P 500 sector indexes gaining on Tuesday. The S&P 500 posted 14 new highs and one new lows; the Nasdaq recorded 64 new highs and 238 new lows.

Among major S&P 500 sectors, technology (.SPLRCT) has quarterly gains of about 20%, while the financials index (.SPSY) is set for its worst quarter since June. A closely watched Commerce Department report on Friday showed U.S. consumer spending rose moderately in February, while inflation also cooled. Limiting gains, Micron Technology (MU.O) dropped 2.7% after news that China was set to review the chipmaker's products sold in the country. Advancing issues outnumbered decliners by a 5.73-to-1 ratio on the NYSE and by a 2.76-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and no new low, while the Nasdaq recorded 57 new highs and 98 new lows.

☆ Trump-linked stocks gain on attracting retail traders' attention
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoMarch 31 (Reuters) - Shares of companies tied to former U.S. President Donald Trump gained in premarket trading on Friday, drawing interest from retail investors after the ex-president was indicted in a historic first. "It might seem counter intuitive ... but Donald Trump's indictment might actually make him more electable with a certain portion of U.S. voters," Danni Hewson, analyst at AJ Bell, said. "If more people are talking about Trump, more will gravitate to his social media platform and there's likely to be a lot more cash swelling the coffers of his campaign budget." Shares of Digital World Acquisition Corp (DWAC.O), the blank-check company looking to take Trump's social media venture Truth Social public, rose 12.1%. Digital World and Rumble were among the top 10 most touted stocks on investor-focused social media stocktwits.com.

☆ Trump-related stocks surge after indictment
▼ + stars: | 2023-03-31 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

It’s not clear why investors sent shares of those companies soaring Friday, although the stocks tend to swing wildly — surging and plummeting — when Trump makes news. And Rumble (RMBL), a conservative video platform that partners with Trump’s Truth Social app, also rose 3%. DWAC announced plans in October 2021 to acquire Trump Media & Technology Group, owner of the Truth Social app. That money is intended to fund the merger with Truth Social owner TMTG. A liquidation would have also threatened the additional $1 billion the Trump media company has raised.

☆ Trump-backed SPAC Digital World regains compliance with Nasdaq listing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it had been cleared by the Nasdaq over non-payment of certain dues. Earlier this month, Digital World revealed that it had received a notice from the exchange over non-payment of some dues which could lead to a potential de-listing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations. The deal was inked in October 2021 and late last year shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Kerrisdale takes short position in Uranium Energy; shares fall
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Kerrisdale Capital said on Thursday that it had built a short position in Uranium Energy Corp (UEC.A), sending the miner's shares down more than 10%. The short seller said in a report that the company had failed to exploit a spike in uranium prices during the last two bull markets. Uranium Energy did not immediately respond to a request for comment. Kerrisdale said that of the company's stated 140 million pounds of estimated uranium resources in the United States, none can be mined profitably at current prices. "Only about a quarter of the resources will be economically viable even at the much higher uranium prices."

☆ Trump-backed blank-check firm Digital World ousts CEO
▼ + stars: | 2023-03-22 | by ( Helen Coster | ) www.reuters.com time to read: +2 min

March 22 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is set to merge with former U.S. President Donald Trump's media and technology company, said on Wednesday it had ousted Chief Executive Patrick Orlando. In October 2021, Trump’s newly formed media company, Trump Media & Technology Group (TMTG), announced a deal to go public by merging with DWAC. TMTG’s fortunes are inextricably tied to Trump, who is billed by the company as the chief traffic driver. He posted to Alphabet Inc's (GOOGL.O) YouTube and Meta Platforms Inc's (META.O) Facebook on March 17, the same day YouTube restored his channel. Trump’s Twitter account was reinstated in November by the platform's new owner Elon Musk, but Trump has yet to post there.

☆ Trump-linked Digital World Acquisition Corp fires CEO Patrick Orlando
▼ + stars: | 2023-03-22 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +1 min

Former US president Donald Trump announced plans on October 20 to launch his own social networking platform called "TRUTH Social," which is expected to begin its beta launch for "invited guests" next month. Digital World Acquisition Corp. , the publicly traded blank check company that planned to merge with former president Donald Trump's social media company, fired its CEO earlier this week, according to a Wednesday filing. The former CEO, Patrick Orlando, will remain as a director for the company. Orlando and a DWAC representative didn't immediately respond to requests for comment. Amid those legal obstacles, Digital World has also faced financial struggles.

☆ Trump-backed SPAC Digital World to appeal Nasdaq delisting notice
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Digital World Acquisition Corp (DWAC.O), a blank-check firm that is to merge with former U.S. President Donald Trump's social media platform, said on Wednesday it will file an appeal against a Nasdaq de-listing notice due to the non-payment of some dues. "The company has elected to file an appeal of this matter, pay the corresponding fee, and plans to pay any fees the Hearing Department determines are due," Digital World said in a filing. Digital World has already been facing delays in closing the deal to take Truth Social public due to investigations on whether the Trump-backed company broke securities regulations and the departure of top executives. The deal was inked in October 2021 and late last year, shareholders approved extending the deadline to close the deal to September 2023. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber and Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

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