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☆ Shares of Trump-linked SPAC soar 66% as former president hints at 2024 run
▼ + stars: | 2022-11-07 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). Shares of Digital World Acquisition Corp ., the company set to take Trump Media and Technology Group public, spiked Monday after former president Donald Trump hinted at a 2024 presidential run. The stock is still down 43% year to date as the special purpose acquisition company navigates financial and legal troubles. However, the company still faces a hurdle to completing its acquisition of Trump Media and the Truth Social platform. Internal documents revealed that he was approached with opportunities from alternative platforms Gettr and Parler before committing to the Trump Media enterprise.

Digital World Acquisition Corp (DWAC) (DWAC.O) Chief Executive Patrick Orlando on Thursday said he is extending a voting deadline until Nov. 22. At stake is a $1.3 billion cash infusion that Trump Media & Technology Group (TMTG), which operates Trump's Truth Social app, stands to receive from DWAC. DWAC shares, which have tumbled nearly 70% since January, inched up modestly in early trading on Thursday to $16.31. Before that it had delayed several times, moving the deadline to Oct. 10 from Sept. 8, and before that from Sept. 6. By Sept. 26, DWAC had only 43% of shareholders' approval, according to a document seen by Reuters.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. The involvement of the previously unnamed financial backers of Trump Media & Technology Group (TMTG) – parent company of social media app Truth Social – shows how Trump tapped his political supporters to launch an outlet aimed at political conservatives and libertarians after he was banned from Twitter and Facebook following the Jan. 6, 2021 attack on Congress. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/IllustrationOct 28 (Reuters) - Ever since former U.S. President Donald Trump launched a new media company aimed at rivaling Twitter, there has been a mystery over who provided the money. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

CNN —A former executive at Donald Trump’s media company claims the former President retaliated against a board member who refused to give Melania Trump shares of the company, according to a report from The Washington Post. Wilkerson told the Post that Litinsky believes his ouster was retribution for his failure to cede his shares to Melania Trump. Wilkerson told the Post that Trump refused to put any of his own money into the company despite demanding to own 90% of its shares. A liquidation would have also threatened the additional $1 billion the Trump media company has raised. Digital World shares fell 8% on Monday to $16.11, leaving them down nearly 70% so far this year.

☆ A co-founder of the firm behind Truth Social says Trump retaliated against another exec who refused to gift some of his shares to Melania
▼ + stars: | 2022-10-16 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

An email obtained by the Post showed another co-founder believed Trump was retaliating against him. Trump had been given a 90% stake in the company when it was founded, according to the SEC complaint. Wilkerson said the former president asked Litinsky to give some of his shares to Melania Trump. According to a March email obtained by the Post, Litinsky also believed he had been retaliated against. "President Trump over the past 2 months has repeatedly demanded that I give my TMTG equity to Melania Trump," Litinsky wrote, according to a screenshot of the email published by the Post.

Former President Donald Trump's media company fired an executive Thursday after he shared internal documents from a Securities and Exchange Commission whistleblower complaint with The Washington Post and spoke with the newspaper, the news outlet reported Saturday. In the article, he also described strife within Trump Media, including tension with CEO Devin Nunes, who, as a Republican congressman, was one of Trump's most loyal defenders. Digital World Acquisition Corp. , the SPAC seeking to take the media company public, didn't immediately respond to a request for comment. Trump Media fired Wilkerson for making "unauthorized disclosures" to the Post, the newspaper said. The report comes as DWAC pushes its shareholders to vote to delay its planned merger with Trump Media, which was announced last year.

☆ Google approves Trump's Truth Social for Play Store
▼ + stars: | 2022-10-12 | by ( Helen Coster | ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Alphabet Inc's (GOOGL.O) Google has approved former U.S. President Donald Trump's social media app Truth Social for distribution in the Google Play Store, a company spokesperson said on Wednesday. Trump Media & Technology Group (TMTG), which operates Truth Social, is expected to make the app available in the Google Play Store shortly, Google said. Truth Social, which launched in the United States in the Apple App Store in February, had not previously been available in the Google Play Store due to insufficient content moderation, according to a Google spokesperson in August. Register now for FREE unlimited access to Reuters.com RegisterWithout the Google and Apple stores, there is no easy way for most smartphone users to download Truth Social. Truth Social restored Trump's presence on social media more than a year after he was banned from Twitter Inc (TWTR.N), Facebook (META.O) and Alphabet Inc's YouTube following the Jan. 6, 2021 U.S. Capitol riots, after he was accused of posting messages inciting violence.

☆ Stocks making the biggest moves after hours: Digital World, Victoria's Secret and more
▼ + stars: | 2022-10-12 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

The social media app will be developed by Trump Media and Technology Group (TMTG). Digital World — The company aiming to take public Truth Social, Donald Trump's media company, surged 8.7% on news of Google approving the media company's app for the Play Store. Victoria's Secret — Shares of the women's clothing retailer climbed 3.1% after it said earnings in its latest quarter would end at the higher end of previous estimates, and reaffirmed its sales guidance. Applied Materials — The semiconductor-equipment manufacturer shed 1.7% after warning that fourth-quarter revenue and earnings would miss analyst estimates for its fourth quarter ending October 31. Duck Creek — Shares of the insurance-technology company jumped 6.6% after fourth-quarter earnings beat expectations.

☆ Trump-tied SPAC delays vote after falling short on shareholder support
▼ + stars: | 2022-10-10 | by ( Echo Wang | ) www.reuters.com time to read: +2 min

At least 65% of the shareholders of Digital World Acquisition Corp (DWAC.O) needed to agree to the extension. The special purpose acquisition company (SPAC) opted to push back the deadline to try to find more votes. Digital World last month said it had received termination notices from PIPE investors who were pulling out about $139 million of the total financing commitment. Digital World has not yet received approval from the U.S. Securities and Exchange Commission (SEC), which is reviewing its disclosures on the deal. Digital World is set to liquidate on Dec. 8, after managing to extend its life by three months in September.

☆ Digital World CEO urges Donald Trump to push shareholders to vote on merger delay
▼ + stars: | 2022-09-30 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Patrick Orlando, the CEO of the shell company set to take Trump Media and Technology Group public, on Friday urged Donald Trump and Trump Media CEO Devin Nunes to promote an upcoming vote to extend the merger deadline for the two companies. "@realDonaldTrump @DevinNunes let's get the vote awareness up," the Digital World Acquisition Corp . chief wrote in a Truth Social post that attached information about the shareholder vote. DWAC stockholders will vote on Oct. 10 to approve an extension to the merger deadline. These are far from the only issues facing DWAC and Trump Media. Trump Media has said it was exploring legal proceedings against the SEC, saying the regulator has delayed the merger.

☆ Trump-linked SPAC changes address to UPS store as investments pulled
▼ + stars: | 2022-09-26 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

The social media app will be developed by Trump Media and Technology Group (TMTG). Digital World Acquisition Corp., the blank-check company looking to take Trump Media and Technology Group public, has changed its listed address to a UPS store in Miami. The change from a Miami office building to a UPS address came with DWAC's regulatory filing on Friday disclosing its financing losses. The contractual obligation for those investors to contribute to former President Donald Trump's media company after the deal had expired last Tuesday, allowing them to pull their funding. One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company.

☆ Some investors backing out of SPAC merging with Trump's media firm
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoSept 23 (Reuters) - Some investors are backing out of Digital World Acquisition Corp's (DWAC.O) plan to acquire former U.S. President Donald Trump's social media firm Truth Social, the blank-check firm said on Friday. Digital World said it had received termination notices from private investment in public equity (PIPE) investors ending nearly $139 million in investments out of the $1 billion commitment it had previously announced. Register now for FREE unlimited access to Reuters.com RegisterDigital World did not disclose the investors that pulled out. Sources told Reuters Sabby Management, which had committed $100 million to the PIPE, is one of the investors who have terminated. Many are waiting for DWAC to propose more preferred terms to PIPE investors, sources added.

☆ Digital World Acquisition extends 6-day decline to 30% after Trump's Truth Social threatens a lawsuit against the SEC over delayed SPAC deal
▼ + stars: | 2022-09-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Digital World Acquisition fell 7% on Wednesday, extending its six-day decline to more than 30%. The SPAC's merger target Truth Social threatened to sue the SEC, alleging political bias delayed its proposed merger with Digital World. But Digital World has been unable to attract the 65% of shareholders needed to approve the business combination. Since Digital World first announced its deal with Truth Social last year, the SPAC has plunged 90% from its record high of $175 per share. But Truth Social believes the SEC is to blame for the delayed deal with the SPAC, according to a Wednesday regulatory filing.

Digital World's shares rallied as much as 1,650% that month, making it the most valuable SPAC of all time. 'HURTS REALLY, REALLY, BADLY'The deal's woes have rattled Trump's supporters who bought into Digital World because of him. When it still fell short, Digital World delayed the vote again, first until later that day and then to Oct. 10. It is unclear how many investors will do so and whether Digital World will seek new investors to replace them. They got about 40% of Digital World shareholders to vote in favor of the extension, sources told Reuters at the time.

☆ Trump-linked SPAC faces new pressure from investors as merger hangs in the balance
▼ + stars: | 2022-09-20 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The social media app will be developed by Trump Media and Technology Group (TMTG). If it falls apart, it would mean a lot less money for Trump Media, even if it did end up going public through a merger with DWAC. The negotiation is an attempt to shift risk to DWAC and Trump Media, which owns Truth Social. Representatives for DWAC and Trump Media didn't immediately respond to a request for comment. Trump founded Trump Media and Technology Group and its platform Truth Social after he was banned from Twitter following the Jan. 6, 2021, Capitol riot.

☆ Trump SPAC deal at risk as merger deadline approaches
▼ + stars: | 2022-09-07 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

Digital World Acquisition Corp. has a Thursday deadline to merge with Trump Media and Technology Group, the owner of Truth Social. The companies have failed to complete the merger, and federal investigations surrounding the deal and Trump have piled up. The failure of the DWAC merger could burn retail investors who tried their hand in SPAC investing because of the president. The company is facing federal probes into possible securities violations by DWAC and Trump Media and Technology Group. Representatives from DWAC and Trump Media did not immediately respond to requests for comment Wednesday.

☆ Trump-linked SPAC to resume meeting Thursday as it seeks votes to delay merger with ex-president's firm
▼ + stars: | 2022-09-06 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The special purpose acquisition company had a Thursday deadline to take Trump's media company and its Truth Social platform public. Digital World Acquisition Corp . adjourned its shareholder meeting after two minutes on Tuesday and said it will continue counting votes on whether to delay a merger with former President Donald Trump's media company. The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. Trump Media denied reports of financial strife that surfaced at the end of August. Orlando has been on a media campaign and posting on Truth Social to drum up enough votes for the extension.

☆ Digital World Acquisition Corp urges shareholders to delay merger with Trump Media
▼ + stars: | 2022-09-03 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

Trump Media and Technology Group and the SPAC have faced increasing scrutiny in recent months. DWAC and Trump Media face a Thursday deadline to complete the merger, and the SPAC is eagerly seeking an extension. Trump Media and Technology Group and Truth Social were founded after Trump was banned from Twitter following the Jan. 6, 2021, Capitol riot. Trump Media announced in October 2021 that it would merge with DWAC to take the company public. Trump Media, headed by Republican former U.S. Rep. Devin Nunes, has said it also plans on launching TMTG News and TMTG+ video streaming services.

☆ Trump's Truth Social barred from Google Play store over content moderation concerns
▼ + stars: | 2022-08-30 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

Truth Social, the would-be Twitter competitor created by Trump Media and Technology Group, remains unavailable on the Google Play store. Truth Social acknowledged Google's concerns and said it would work on addressing these issues, according to Axios. Well, look, that's up to the Google Play store. "It is our belief that all Americans should have access to Truth Social no matter what devices they use. We look forward to Google approving Truth Social at their earliest convenience."

☆ A former 'The Apprentice' contestant who first pitched Truth Social to Trump has left the company behind the app, report says
▼ + stars: | 2022-06-29 | by ( Isobel Asher Hamilton | ) www.businessinsider.com time to read: +3 min

Andy Dean Litinsky, a senior exec at the company behind Truth Social, left months ago Reuters reports. Litinsky is a former "The Apprentice" contestant who reportedly pitched Truth Social to Donald Trump. Andy Dean Litinsky — who sometimes goes by just Andy Dean — appeared as a contestant on the first season of "The Apprentice" with Trump in 2004, and was hired by Trump in 2006 to head up his production company Trump Productions. The New York Times, The Guardian, and Reuters reported Litinsky pitched the idea for Truth Social to Trump along with fellow former "The Apprentice" cast member Wes Moss in January 2021. One source told The Guardian in April that Litinsky and Moss were the "senior, day-to-day leadership" at Trump Media and Technology Group, the company behind Truth Social.

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