The CEO of DWAC is Florida banker Patrick Orlando, formerly of Deutsche Bank. He has businesses registered in the Cayman Islands and operating in China. Almost as soon as it was formed, DWAC ran afoul of insider trading violations. Special purpose companies are not supposed to have a specific target when they go public.
It seems clear that DWAC insiders knew Truth Social was the target and conducted trades secure in that knowledge. Three people were arrested in June of 2023 for such trades. The company paid 18 million in fines.
Truth Social has never turned a profit and has few tangible assets but the deal values the company at 5.7 billion dollars. Trumps shares would be worth 3 billion dollars.
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