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Digital World Acquisition Corp

All articles tagged with #digital world acquisition corp

lawsuit1 year ago

"Allegations of Hacking and Corporate Coup: Trump Media's Legal Battles"

Investment firms led by the former CEO of the SPAC that merged with Donald Trump's media company have filed a federal civil lawsuit accusing a current member of the media company's board of directors, Eric Swider, of hacking and stealing their files in an attempted corporate coup to replace the CEO of the special purpose acquisition company, Digital World Acquisition Corp. The lawsuit seeks damages and an injunction to prohibit the use of the stolen information, adding to the series of legal disputes that have characterized Trump Media's rocky road to an IPO and its turbulent first weeks as a public company.

via CNBC|
#corporate-coup#digital-world-acquisition-corp#donald-trump
business1 year ago

"Billionaire GOP Donor's Stake in Trump's Truth Social Deal Raises Concerns"

Billionaire GOP megadonor Jeff Yass's firm, Susquehanna International Group, was the largest institutional shareholder of Digital World Acquisition Corp., which merged with Trump Media & Technology Group, owner of Truth Social. Yass's firm owned a 2% stake worth about $22 million, but it's unclear if they still hold those shares. Yass is also a major shareholder in ByteDance, the owner of TikTok, and was expected to donate to a group backing Trump, though he denies ever donating to Trump or having plans to do so.

via Yahoo! Voices|
#business#digital-world-acquisition-corp#jeff-yass
business1 year ago

"Trump Media Merger: GOP Donor's Influence on Truth Social Launch"

Billionaire Wall Street financier and Republican megadonor Jeff Yass, a major investor in the parent company of TikTok, was also the biggest institutional shareholder of Digital World Acquisition Corp., which recently merged with former President Donald J. Trump’s social media company. Yass's trading firm, Susquehanna International Group, owned about 2 percent of Digital World, worth about $22 million, and it's unclear if they still hold those shares. Susquehanna stated that it has zero economic interest in Trump Media, and regulatory filings show the firm used offsetting securities to minimize its gains or losses in the stock.

via The New York Times|
#business#digital-world-acquisition-corp#jeff-yass
business-politics1 year ago

"Trump's Truth Social: The Wall Street Vote and Potential $3.4bn Windfall"

Shareholders of Digital World Acquisition Corp. are set to vote on Friday on a merger with Trump Media & Technology Group, potentially allowing Trump's Truth Social to begin trading on the Nasdaq stock market. If approved, Trump stands to receive a significant payout, but a "lock-up" provision would prevent immediate cash out. The merger faces risks, including Trump's controlling interest and the platform's financial losses. Despite legal battles and financial concerns, Truth Social has attracted around 5 million users since its launch in February.

via The Associated Press|
#business-politics#digital-world-acquisition-corp#donald-trump
business1 year ago

"Trump's Truth Social Media Merger with DWAC Clears SEC Hurdle, Potential $4 Billion Stake"

Former President Donald Trump's media company, operating Truth Social, has received SEC approval for a merger with Digital World Acquisition Corp., potentially making the website publicly traded and yielding millions of dollars. Trump could hold over 78 million shares worth nearly $4 billion, with the potential for additional shares tied to stock performance. However, the merger faces resistance from Trump Media's co-founders and former CEO, who are seeking additional compensation and asserting rights from previous agreements.

via Fox Business|
#business#digital-world-acquisition-corp#donald-trump
business1 year ago

"Trump's Truth Social Secures Wall Street Listing and SEC Approval, Signaling Big Money Win"

Former President Donald Trump's media venture, Truth Social, has received SEC approval for a planned merger with Digital World Acquisition Corp., paving the way for a potential Wall Street listing that could inject $300 million into the company. Despite regulatory issues and market volatility, the deal is expected to proceed pending final approval from investors, with shares in the combined company possibly trading as soon as next month. The venture's success is tied to Trump's popularity, and while it faces risks in the public markets, investor interest in Trump's persona continues to drive excitement around the deal.

via POLITICO|
#business#digital-world-acquisition-corp#donald-trump
business2 years ago

"SPAC Returns $533 Million Raised for Trump Social Media Deal"

Digital World Acquisition Corp (DWAC), the SPAC planning to merge with Donald Trump's media and technology company, will return $533 million raised for the deal after investors backtracked on $467 million of commitments. The termination of the private investment in public equity (PIPE) transaction means the end of the $1 billion funding for Trump Media & Technology Group (TMTG). The merger between DWAC and TMTG was delayed by U.S. financial regulators, giving PIPE investors the right to cancel their commitments. The termination of the PIPE is seen as a positive step towards completing the merger, although it remains unclear when and if the deal will be completed.

via Reuters|
#business#digital-world-acquisition-corp#donald-trump
business2 years ago

Trump's SPAC Faces Massive Losses with $200 Million Stock Purchase Deals

Digital World Acquisition Corp., the special-purpose acquisition company seeking to merge with Donald Trump's social media platform Truth Social, has lost nearly $200 million in stock purchase deals as investors terminated planned investments. This brings the total cancellation of investments to $533 million out of an original commitment of $1 billion. The company also announced that its unaudited quarterly financial statements from last year should no longer be relied upon due to a material weakness in internal accounting practices. Both companies expressed their desire to cancel all outstanding private investment in public equity (PIPE) investments.

via Forbes|
#business#digital-world-acquisition-corp#investment
business2 years ago

Trump-Backed SPAC Digital World Fires CEO Amid Deal Stalls and Delisting Threats.

Digital World Acquisition Corp, the blank check company planning to merge with Donald Trump's Truth Social, has fired its CEO, Patrick Orlando, citing "unprecedented headwinds" and the need for a leadership change. The company has been under investigation by the Securities and Exchange Commission and federal criminal investigators, and has faced financial struggles. The delays in finalizing the merger with Trump Media have cost the company $100 million. Orlando will remain as a director for the company, while Eric Swider has been appointed as interim CEO.

via CNBC|
#business#ceo#digital-world-acquisition-corp