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Drudge Retort: The Other Side of the News
Sunday, March 24, 2024

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.

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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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"DWAC CEO Orlando will turn his initial 3 million dollar stake into a 420 million dollar payday. In one of the weirder facts surrounding the story is Orlando's ownership of a company in Wuhan China.

Chinese firm ARC Capital was involved in the creation of DWAC and ran into legal problems as well."

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"Does it strike the reader as odd that Trump formed Truth after being banned from Twitter for spreading Covid misinformation only to sell it to interests with ties to Wuhan China?

How is this company valued at 5.7 billion when it has never produced a profit and the entire business depends on the whims of a single user?

Given the extensive history of insider dealing , should the SEC permit the merger?

This unholy deal was hatched in the months after the January 6th insurrection.

It has been corrupted since day one. Its consummation could once again forestall a day of reconning for DJT.

So, I want to know: "is this deal being used by foreign entities to secure Trump's favor and support his candidacy?"

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If it waddles like an orange duck, it's an orange duck, Wuhan style.

#1 | Posted by Corky at 2024-03-24 09:42 PM | Reply

... Does it strike the reader as odd that Trump formed Truth after being banned from Twitter for spreading Covid misinformation only to sell it to interests with ties to Wuhan China? ...

Oh geez....

Why does it seem to be that whenever anyone looks into the business dealings of fmr Pres Trump, I'll be kind, odd things appear?


From the cited article...

... 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. www.cnn.com/ ... . The company paid 18 million in fines. ...

So, a scam from the start?

Oh, this can't be good.


#2 | Posted by LampLighter at 2024-03-24 10:16 PM | Reply | Newsworthy 1

Everything Don Poorleone touches is corrupt to the core.

#3 | Posted by Nixon at 2024-03-25 08:20 AM | Reply

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