Donald Trump’s Truth Social: Under Investigation Or Banned? Everything We Know So Far. Following the January 6 insurgency, Trump was barred from using Facebook and Twitter. Its announcement was made less than 2 months ever since DWAC officially confirmed plans to merge with a new social media startup from Trump Media & Technology Group, which itself is aiming to launch a platform called TRUTH Social next year to contend with Facebook and Twitter.
Let’s get ahead of the wall and look out the whole story next.
Donald Trump’s Truth Social | Under Investigation
“$1 billion sends a strong signal to Big Tech that censorship and political discrimination must end,” he said.
“As our balance sheet grows, Trump Media & Technology Group could be in a better position to fight Big Tech’s tyranny.”
Earlier this year, Mr. Trump announced plans to launch Truth Social, claiming that it would allow for dialogue “without discrimination based on political ideology.“
Story Behind Trump’s One Billion Dollars
According to Reuters, many Wall Street firms passed up the opportunity to invest in the former president’s new venture. However, it has received support from hedge funds, family investment firms, and high-net-worth individuals.
Donald Trump says his planned Twitter rival TRUTH Social has raised $1BN in investment and vows he'll use it to 'end censorship and political discrimination' https://t.co/H1YduFfZZl
— Benny (@bennyjohnson) December 6, 2021
According to a presentation on his company’s website, Mr. Trump had 89 million followers on Twitter, 33 million on Facebook, and 24.5 million on Instagram at the time he was blocked.
He has also hinted repeatedly that he may run for president again in 2024.
Regulators are looking into a proposed merger between former President Donald Trump’s social media startup and just a shell company.
DWAC VS State
The shell company, Digital World Acquisition Corp. (DWAC), said in a lodgement on Monday that it “has obtained certain preliminary, fact-finding inquiries from regulatory agencies, with which it is going to cooperate.”
The Securities and Exchange Commission and the Financial Industry Regulatory Authority, which works to help regulate the securities markets, are conducting investigations, according to the company.
DWAC was relatively unknown until it announced its merger with Trump’s social media venture.
Why is Trump’s Truth Social Under Investigation?
According to the New York Times and other media, DWAC and the Trump company may have met before DWAC went public, which could be a violation of SPAC rules. Besides, NPR’s request for comment was denied by the SEC, and neither company responded to inquiries.
Following the announcement of the planned merger with Trump’s media company, DWAC shares soared. DWAC disclosed in a separate filing last week that it had raised an additional $1 billion from investors. Gary Gensler, Chairman of the Securities and Exchange Commission, has called for “enhanced disclosures” in the SPAC market. He recently stated in a speech that he has “asked staff for specific suggestions on how we might update our rules so that investors are better informed about the fees, costs, and dispute that may exist with SPACs.”