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Drudge Retort: The Other Side of the News
Saturday, December 04, 2021

Donald Trump's social media startup on Saturday announced that it secured $1 billion in new investment as part of its ongoing efforts to become publicly traded via a blank check company. None of the investors were identified, which is highly unusual for this sort of transaction.

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From the Press Release

Trump Media & Technology Group Corp. and Digital World Acquisition Corp. Announce $1 Billion "PIPE" Investment in Committed Capital to Fund Business
www.globenewswire.com

...Trump Media & Technology Group Corp. ("TMTG") and Digital World Acquisition Corp. (Nasdaq: DWAC), today announced that Digital World Acquisition Corp. ("DWAC") has entered into subscription agreements for $1 billion in committed capital to be received upon consummation of their business combination (the "PIPE") from a diverse group of institutional investors.

President Donald J. Trump, Chairman of TMTG, stated, "$1 billion sends an important message to Big Tech that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech."...


#1 | Posted by LampLighter at 2021-12-04 03:20 PM | Reply

America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology.

LOL. Has Boaz moved his server there yet?

#2 | Posted by REDIAL at 2021-12-04 03:26 PM | Reply

There's also this...

Trump's $300 Million SPAC Deal May Have Skirted Securities Laws (October 2021)
www.nytimes.com

...The former president began discussing a deal with a blank check' company early this year. Investors weren't told.

Just days after Donald J. Trump left the White House, two former contestants on his reality show, "The Apprentice," approached him with a pitch. Wes Moss and Andy Litinsky wanted to create a conservative media giant.

Mr. Trump was taken with the idea. But he had to figure out how to pay for it.

This month, the former president found a way. He agreed to merge his social media venture with what's known as a special purpose acquisition company, or SPAC. The result is that Mr. Trump " largely shut out of the mainstream financial industry because of his history of bankruptcies and loan defaults " secured nearly $300 million in funding for his new business.

To get his deal done, Mr. Trump ventured into an unregulated and sometimes shadowy corner of Wall Street, working with an unlikely cast of characters: the former "Apprentice" contestants, a small Chinese investment firm and a little-known Miami banker named Patrick Orlando.

Mr. Orlando had been discussing a deal with Mr. Trump since at least March, according to people familiar with the talks and a confidential investor presentation reviewed by The New York Times. That was well before his SPAC, Digital World Acquisition, made its debut on the Nasdaq stock exchange last month. In doing so, Mr. Orlando's SPAC may have skirted securities laws and stock exchange rules, lawyers said.

SPACs sell their shares to investors through an initial public offering and then find a private company with which to merge. Because SPACs are empty vessels, stock exchanges allow them to list their shares without disclosing much financial information. But that creates opportunities for SPACs to serve as backdoor vehicles for companies to go public without receiving the kind of investor scrutiny they would in a traditional listing. To prevent that, SPACs aren't supposed to have a merger planned at the time of their I.P.O.

Lawyers and industry officials said that talks between Mr. Orlando and Mr. Trump or their associates consequently could draw scrutiny from the Securities and Exchange Commission.

Another issue is that Digital World's securities filings repeatedly stated that the company and its executives had not engaged in any "substantive discussions, directly or indirectly," with a target company " even though Mr. Orlando had been in discussions with Mr. Trump....


#3 | Posted by LampLighter at 2021-12-04 04:17 PM | Reply | Funny: 1

Can't wait for him to divest from this new con when he runs in 2024.

#4 | Posted by jpw at 2021-12-04 05:14 PM | Reply

I smell pump and dump grift all over this.

#5 | Posted by bored at 2021-12-04 05:46 PM | Reply | Newsworthy 1

www.trump.con

#6 | Posted by TaoWarrior at 2021-12-04 06:01 PM | Reply

Can't wait for him to divest from this new con when he runs in 2024.

Unlikely.

I smell pump and dump grift all over this.

You have a good nose.

#7 | Posted by oneironaut at 2021-12-04 07:05 PM | Reply

- a platform that will not discriminate on the basis of political ideology

The obvious Big Lies keep getting bigger and bigger. And why not? Trump proved that Hitler was right about them.

#8 | Posted by Corky at 2021-12-04 11:03 PM | Reply

When fmr Pres Trump is involved, it all seems to be focused upon channeling money towards him.

I'd really like to see commentary to the contrary.


#9 | Posted by LampLighter at 2021-12-04 11:04 PM | Reply

Fever Tree - Imitation Situation
www.youtube.com

...
Why are we all so lonely?
Lonely
Searching for gold that's only
...

#10 | Posted by LampLighter at 2021-12-04 11:27 PM | Reply

Fake News, just another grift.

#11 | Posted by a_monson at 2021-12-05 12:11 AM | Reply

Trump's not smart enough to dream this thing up by himself. But the words "shadowy" and "unregulated" would certainly get his attention.

#12 | Posted by Twinpac at 2021-12-05 04:38 AM | Reply

Trumptidumps money seems to come more from investors than from profitable businesses. Interesting how that seems to work for him. But then what else can a turd polisher do?

#13 | Posted by RightisTrite at 2021-12-05 09:05 AM | Reply

There's a sucker born every minute.

#14 | Posted by johnny_hotsauce at 2021-12-05 09:31 AM | Reply

RIGHT/TRITE

What works for him is selling his name. Trump's not likely to pay any out-of-pocket expenses for setting up such a complicated and risky operation. But he does have a history of selling his name as
long as he doesn't have to do the heavy lifting. Unless I miss my guess, that's what he's doing. As for 2024, he can always divest himself and claim to be an innocent victim of unscrupulous scalpers.

#15 | Posted by Twinpac at 2021-12-05 12:37 PM | Reply

So unnamed investors just put a billion dollars in Dotard's pocket for a stock that anyone with sense on Wall Street was shorting. Who is that eager to own Traitor Trump and has that kind of money to buy him? I can only think of two entities, Russian oligarchs and Saudi Arabia. I doubt it's MBS because Jared is hitting him up on a different investment scheme, so more likely than not, it's Russia.

#16 | Posted by _Gunslinger_ at 2021-12-05 01:20 PM | Reply

Sounds like a great way to skirt campaign finance law and get all that Russian mob money.

#17 | Posted by snoofy at 2021-12-05 01:24 PM | Reply

I call BS on this story. The Dotard's administration was a hurricane of lies. Any investor worth $1B would certainly do its due diligence, skeptical of the Trump operation, which has already demonstrated its incompetence or eagerness to break rules (see also: violation of terms of service agreements). Readers should also consider the source-a blowhard whose relationship with truth and facts is tenuous, at best.

Take it from me-Trumps entity did NOT raise $1B from unnamed sources ...

#18 | Posted by catdog at 2021-12-05 03:01 PM | Reply

$1B seems ridiculously cheap to bring down the United States of America.

Osama bin Laden only spent about $500,000. That wasn't enough. Putin and Xi won't make the same mistake.

#19 | Posted by snoofy at 2021-12-05 03:08 PM | Reply

C-H-I-N-A...

#20 | Posted by earthmuse at 2021-12-06 08:32 PM | Reply

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