Trump to launch new social media platform TRUTH Social

[essentialsaltes]

Federal investigators examined Trump Media for possible money laundering, sources say​

[DWAC CEO Patrick] Orlando declined to provide details about the true identity of the lenders or the origin of the money to Trump Media executives, Trump Media’s since-ousted co-founder turned whistleblower Will Wilkerson recounted in an interview.

He blew the whistle on Trump’s Truth Social. Now he works at Starbucks.​

Wilkerson, 38, has become one of the biggest threats to the Trump company’s future: a federally protected whistleblower whose attorneys say has provided 150,000 emails, contracts and other internal documents to the Securities and Exchange Commission and investigators in Florida and New York.​

Wilkerson last year publicly accused Trump Media and Technology Group of violating securities laws, telling The Washington Post he could not stay silent while the company’s executives gave what he viewed as misleading information to investors, many of whom are small-time shareholders loyal to the Trump brand.

The SPAC, Digital World Acquisition, said in an SEC filing last month that it had replaced its chairman and chief executive, Patrick Orlando, and was facing “unprecedented headwinds.”

Orlando’s termination came one week after The Guardian cited Wilkerson’s testimony in a report alleging that federal investigators were examining whether $8 million in investments had violated money-laundering rules.

The SPAC also said it needed to complete the merger or seek further extensions by June 8 or its “existence will terminate,” in which case it would be required to return the money to shareholders. In a filing, the company said it “cannot assure shareholders that there will be sufficient funds” for the purpose of paying for its own liquidation costs or outstanding bills, and that the money in its trust account could “become subject to the claims of our creditors which would have higher priority than the claims of our public stockholders.”

After the Guardian’s report that federal prosecutors in New York were examining $8 million in Trump Media investments, CEO Nunes sued Wilkerson, the Guardian and a Florida journalist who had covered the story, saying Wilkerson’s goal had been “defaming Nunes” and that the report made Nunes “appear odious, ridiculous and contemptible.” [where is the lie?]

 

[essentialsaltes]

He blew the whistle on Trump’s Truth Social. Now he works at Starbucks.​

Wilkerson, 38, has become one of the biggest threats to the Trump company’s future: a federally protected whistleblower whose attorneys say has provided 150,000 emails, contracts and other internal documents to the Securities and Exchange Commission and investigators in Florida and New York.​

The SPAC, Digital World Acquisition, said in an SEC filing last month that it had replaced its chairman and chief executive, Patrick Orlando, and was facing “unprecedented headwinds.”

Trump’s Truth Social Faces More Trouble As SPAC Partner Admits Financial Statements Are Unreliable​

Digital World Acquisition Corp., which plans to merge with the parent company of Donald Trump’s Truth Social platform, reported it made accounting errors in its last financial report, adding to financial reporting issues that have threatened to delist the company from Nasdaq, on top of two investigations that have delayed the deal with Trump.

 

[USincognito]

The Best People ™

 

[essentialsaltes]

3 men who funded Trump-acquired social media company charged with insider trading​

Michael Shvartsman, Gerald Shvartsman and Bruce Garelick made more than $22 million by trading in shares of Digital World Acquisition Corporation, according to federal prosecutors in New York.
Garelick was given a seat on Digital World Acquisition Group's board, allowing him access to nonpublic information about the company's plans to merge with Trump Media. According to federal prosecutors, Garelick provided the information to Michael and Gerald Shvartsman, who were able to buy millions of shares before news of the Trump Media merger became public.

 

[essentialsaltes]

Truth Social investors agree to pay $18 million fine​

The SEC had been investigating whether DWAC executives held merger discussions with Truth Social's parent company before its initial public offering in 2021, which isn't allowed, and the firm would be required to pay an $18 million penalty after the closing of a merger.

 

[essentialsaltes]

SPAC to return remaining $533 million raised for Trump social media deal​

Digital World Acquisition Corp, the SPAC that plans to merge with former U.S. President Donald Trump's media and technology company, said this week it would return to investors $533 million raised for the deal, after some have already backtracked on $467 million of commitments.

The development means the end of the so-called private investment in public equity (PIPE) transaction that would have delivered Trump Media & Technology Group (TMTG), the operator of Trump's Truth Social platform, $1 billion as part of its merger with Digital World.

TMTG CEO Devin Nunes said in a press release that terminating the PIPE was "in the best interest of TMTG's equity holders and completing our merger with DWAC as soon as possible."

Trump controls 90% of TMTG, according to a Feb. 2, 2021 services agreement.

Devin, you coulda been Speaker maybe. But now you have to tell the Boss the billion dollars has floated away.

 

[essentialsaltes]

Biden campaign joins Trump’s Truth Social platform​

“Well. Let’s see how this goes. Converts welcome!” the campaign wrote in its first post on the platform under the handle @BidenHQ.

 

[Whyayeman]

Biden campaign joins Trump’s Truth Social platform​

“Well. Let’s see how this goes. Converts welcome!” the campaign wrote in its first post on the platform under the handle @BidenHQ.

See how it goes?

It does not tempt me to join the throng there. It is funny, though.

 

[essentialsaltes]

SPAC to return remaining $533 million raised for Trump social media deal​

Digital World Acquisition Corp, the SPAC that plans to merge with former U.S. President Donald Trump's media and technology company, said this week it would return to investors $533 million raised for the deal, after some have already backtracked on $467 million of commitments.

Whoops!

Trump media SPAC Digital World Acquisition Corp. to restate financials from 2021 (and 2022)​

Digital World Acquisition Corp. DWAC, -2.11%, the special-purpose acquisition company planning to merge with former President Donald Trump’s media venture, said Monday it would restate financials from 2021 after concluding that “a material weakness exists” in its financial reporting controls.

DWAC has also announced plans to amend its 2022 annual report to correct other financial misstatements.

 

[essentialsaltes]

Trump’s Truth Social Lost Tens of Millions Since Launch, New Filing Shows​

Since launching, former President Donald Trump‘s Truth Social and its parent company Trump Media and Technology Group took in $3.7 million in net sales, and lost tens of millions of dollars.

The numbers are the first time that any internal financial details on the social platform have been shared publicly, and they suggest that while Trump has made Truth Social his primary social media platform, it has not been translating into meaningful revenue for the tech startup, which is owned by Trump Media & Technology Group (TMTG).

When putting aside the value of the derivative liability, the company has lost $60.5 million since it launched. If you include the value of the derivative liability, you would get a loss of $31.5 million.

 

[The IbanezerScrooge]

Trump’s Truth Social Lost Tens of Millions Since Launch, New Filing Shows​

Since launching, former President Donald Trump‘s Truth Social and its parent company Trump Media and Technology Group took in $3.7 million in net sales, and lost tens of millions of dollars.

The numbers are the first time that any internal financial details on the social platform have been shared publicly, and they suggest that while Trump has made Truth Social his primary social media platform, it has not been translating into meaningful revenue for the tech startup, which is owned by Trump Media & Technology Group (TMTG).

When putting aside the value of the derivative liability, the company has lost $60.5 million since it launched. If you include the value of the derivative liability, you would get a loss of $31.5 million.

whomp, whomp

 

[Petros2015]

Time for some fundraising! More EFT cards for loyal supporters?

 

[Whyayeman]

When putting aside the value of the derivative liability, the company has lost $60.5 million since it launched. If you include the value of the derivative liability, you would get a loss of $31.5 million.

This loss is puzzling. There are no vast premises full of capital equipment, no suppliers of raw materials to invoice for. All it takes is a decent desk-top computer, an internet connection and a bit of cheap software.

I could supply all of those for less. Either these figures are evidence of incompetence or they are hiding something.

 

[essentialsaltes]

Either these figures are evidence of incompetence or they are hiding something.

Hey, Trump deserves a salary right? And Devin? And those people over there? And maybe even the coders? This is not some non-profit like Mastodon or something.

 

[essentialsaltes]

FWIW, here's the key table from the filing. IANAAccountant, but the one positive thing I see is that every dollar they spend on sales and marketing gets them $4 in sales.

Unfortunately, they're spending 7 times as much on G&A in the most recent 6 months. And even more on R&D (not unexpected for a startup).

I confess I have no way to judge the derivatives monkey business.

 

[essentialsaltes]

WaPo take:

The Monday filing said that Trump Media has a number of outstanding promissory notes worth millions of dollars that are scheduled to come due within the next year.

In May, Trump Media filed a lawsuit against The Washington Post, alleging an article had made false and defamatory statements in describing a loan from an entity called ES Family Trust.

The Digital World filing Monday named ES Family Trust and said that, in June, Trump Media received a demand to repay part of the loan. The filing said ES Family Trust later agreed to extend the terms of the loan until next year.

Trump Media projected in 2021 that the site would have 41 million total users by the end of this year, but its online traffic has so far remained below those expectations. In the United States in July, Truth Social’s mobile apps had roughly 500,000 monthly active users, and its website was visited about 1 million times, according to estimates from Similarweb, a data firm that analyzes web traffic. On Tuesday, Similarweb shared estimates that showed Truth Social’s website traffic from unique U.S. visitors in October was down 24 percent from the previous year.

 

[Nithavela]

WaPo take:

The Monday filing said that Trump Media has a number of outstanding promissory notes worth millions of dollars that are scheduled to come due within the next year.

In May, Trump Media filed a lawsuit against The Washington Post, alleging an article had made false and defamatory statements in describing a loan from an entity called ES Family Trust.

The Digital World filing Monday named ES Family Trust and said that, in June, Trump Media received a demand to repay part of the loan. The filing said ES Family Trust later agreed to extend the terms of the loan until next year.

Trump Media projected in 2021 that the site would have 41 million total users by the end of this year, but its online traffic has so far remained below those expectations. In the United States in July, Truth Social’s mobile apps had roughly 500,000 monthly active users, and its website was visited about 1 million times, according to estimates from Similarweb, a data firm that analyzes web traffic. On Tuesday, Similarweb shared estimates that showed Truth Social’s website traffic from unique U.S. visitors in October was down 24 percent from the previous year.

I'm amazed that people still take "promissory notes" from anything with the Trump name on it.

 

[Whyayeman]

The biggest figure is 'interest expense', presumably interest which has accrued from money borrowed by the enterprise. It is vast. What were the loans for? Who made them?

 

[essentialsaltes]

The biggest figure is 'interest expense', presumably interest which has accrued from money borrowed by the enterprise. It is vast. What were the loans for? Who made them?

Since it loses money they needed to take out loans to have cash on hand to keep the lights on. The plan was predicated on the SPAC deal going through which would inject additional cash.

 

[essentialsaltes]

Trump Truth sues a buncha media groups for defamation.

A lot of articles do seem to have mentioned that $73 million figure (but not the one I linked above) before adding a correction that the actual figure is $31.6 million.