DWAC was created with the help of ARC Capital, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that has been a target of U.S. Securities and Exchange Commission (SEC) investigations for misrepresenting shell corporations.[11][12][13]
Some investors were surprised to learn that their investment money was being used to finance a Trump company.[14]
In 2021, the DWAC Trump venture was linked with another company, China Yunhong Holdings, based in Wuhan, Hubei,[15][16] until its lead banker who was running the merger promised to sever ties with China in December 2021, stating that Yunhong was to "dissolve and liquidate".[17][18]
In February 2022, Reuters reported that the connection between Shanghai-based ARC Capital and Digital World was more extensive than thought, with ARC having offered money to get the SPAC off the ground.[18]"
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In December 2021, TMTG said it had raised $1 billion in private investment in public equity (PIPE) funding. The investors are unidentified. The Financial Times reported the expected proceeds of the PIPE and SPAC funding to TMTG would be $1.25 billion.[20]
On December 14, 2021, TMTG announced that it had entered into a "wide-ranging technology and cloud services agreement" with video platform Rumble, and that Rumble would operate part of the Truth Social network as well as TMTG+.[21][22]
On January 1, 2022, Devin Nunes (R-CA) resigned his seat from the U.S. House of Representatives to become the company's chief executive officer.[23][24]
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The Guardian reported in March 2023 that in 2022 the SDNY expanded its criminal investigation to include whether TMTG engaged in money laundering.
Beginning in December 2021, when the company was in danger of collapsing because its merger with DWAC had been delayed, it received a loan in two payments totaling $8 million.
This included $2 million from Paxum Bank, which is part-owned by Anton Postolnikov, a relation of Aleksandr Smirnov, a former Russian government official who now runs the Russian maritime company Rosmorport.
In October 2021 it was reported, based on information provided by congresstrading.com, that House representative Marjorie Taylor Greene (R-GA) had purchased between $15,000 and $50,000 DWAC shares after the Trump merger was announced
more at the link.
en.wikipedia.org
Besides funding his already failing company with money from China and Russia, I saw info the other day that some of the newer money is from.... Kuwait. I'll see if I can find that again.
