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Trump 'tried to sell Truth Social to Musk' as SPAC deal stalled (www.theregister.com)
submitted 8 months ago by ZeroCool@beehaw.org to c/technology@beehaw.org
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[-] avidamoeba@lemmy.ca 54 points 8 months ago

Either way, Trump's Truth Social woes and finances might be getting a reprieve soon. The SEC approved the deal last month, which could be worth up to $10 billion. Trump, who would hold more than half the shares of the combined company, would reportedly stand to raise his net worth by some $4 billion - more than enough to handle those legal problems without Musk's help.

What the fuck.

[-] Neato@ttrpg.network 50 points 8 months ago

Feb 15 (Reuters) - The U.S. Securities and Exchange Commission allowed Donald Trump's media and technology company to merge with a blank-check acquisition vehicle in a deal that currently values the parent of his social media app Truth Social at as much as $10 billion.

So someone is essentially gifting Trump billions for a "merger".

[-] SnotFlickerman@lemmy.blahaj.zone 31 points 8 months ago

'MURICA, land of the endless access to money for the already-rich and politically connected.

[-] athos77@kbin.social 36 points 8 months ago

It was pretty obvious that Trump would try to scam Musk. Fortunately, given his own difficulties, Musk was unlikely to agree - we're just fortunate these bills are coming due so far in advance of the election. And also that, given Musk's foreign birth, he'll never be eligible to be president or vice president (something that I'm sure sticks in his craw).

[-] ringwraithfish@startrek.website 32 points 8 months ago

We really don't tell Musk to go back to his own country enough.

[-] diskmaster23@lemmy.one 24 points 8 months ago

"Go back to Africa!"

[-] Midnitte@beehaw.org 12 points 8 months ago

Blood Diamond Miners: 😰

[-] Neato@ttrpg.network 8 points 8 months ago

It's not like Musk has $10B anyways.

[-] Grant_M@lemmy.ca 35 points 8 months ago

Ahahaaaahhahahaa

[-] jarfil@beehaw.org 26 points 8 months ago

Truth Social, essentially a Mastodon clone

Wait, what?... 😳

The Trump Truth Social network removes the most freedom-friendly features of the Fediverse

Phew.

[-] someguy3@lemmy.ca 14 points 8 months ago

Not a bad idea actually. Just have to convince Musk that there are some Truth Social secret files that, uh, are important for, uh, that show gubment bad!

[-] millie@beehaw.org 6 points 8 months ago

The hell do these bozos have to do with the Saratoga Performing Arts Center?

Gorgeous venue.

[-] autotldr 3 points 8 months ago

🤖 I'm a bot that provides automatic summaries for articles:

Click here to see the summaryFaced with mounting legal troubles and a sputtering special purpose acquisition company (SPAC) deal, former president Donald Trump reportedly turned somewhere unexpected last year to offload his flailing social media platform, Truth Social: X owner and Tesla technoking Elon Musk.

Ostensibly a place for freer speech than Twitter, Truth Social launched in 2022 with plans to take the platform public as soon as possible through a sale to a SPAC formed for the purpose, Digital World Acquisition Corp (DWA).

The deal has yet to close, with the US Securities and Exchange Commission heavily criticizing the use of a Chinese firm to develop DWA.

By September 2022 Trump Media and Technology Group (TMTG), parent company of Truth Social, had threatened to sue the SEC for delaying the TMTG/DWA merger.

We received no response from either party, while The WaPo was told by TMTG that "We heard Trump and Musk were actually discussing buying the Washington Post but they decided it had no value."

Trump, who would hold more than half the shares of the combined company, would reportedly stand to raise his net worth by some $4 billion - more than enough to handle those legal problems without Musk's help.

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this post was submitted on 13 Mar 2024
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