Friday, October 22, 2021
Donald Trump's new social media project is backed by a venture that appears to have opaque Chinese connections, new findings have shown. Trump, who is still banned from Twitter and Facebook, announced Truth Social on Wednesday, vowing to "stand up to the tyranny of Big Tech." It's the result of a merger between Trump Media and Technology Group (TMTG) and Digital World Acquisition Group. In a statement out of Florida, TMTG said its value would rise to $875 million, with cumulative value of up to $1.7 billion. Truth Social, which bears a passing resemblance to Twitter, is on pre-order in the Apple App Store, with a beta expected next month and a full launch next year.
On Thursday, U.S. Securities and Exchange Commission filings posted online revealed seemingly indirect connections to potential business in China. MeidasTouch News found Digital World chief executive Patrick Orlando was also listed as the CEO of China Yunhong Holdings Ltd.
The company, founded in 2019, is incorporated in the Cayman Islands"an offshore tax haven"and has its headquarters in the Chinese city of Wuhan in the country's central Hubei province.
According to Chinese-language financial and investment website MoneyDJ, Yunhong is a "blank check company" created with no specific business intent other than to engage in mergers as well as securities transactions, asset acquisitions and stock purchases.
It remains unclear whether Yunhong will play any part in the day-to-day operations or direction of Truth Social. The Chinese government is notorious for exerting legal and party-ideological influence over locally operating firms.
Truth Social was reportedly hacked within hours of launch on Wednesday, but the new platform promises to offer the former Republican president and his supporters a safe space for conservative viewpoints.
Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.