![]() ![]() The DWAC chief executive Patrick Orlando, a Florida-based financier and former Deutsche Bank trader, was also the chief executive of the Wuhan-based Yunhong Holdings/Yunhong International, registered in the offshore tax haven of the Cayman Islands. Some investors were surprised to learn their investment money was being used to finance a Trump company. Led by former Mexican government official and China-based banker Abraham Cinta, ARC Capital's global links included offices in Shanghai, Wuhan, Mexico City, and Jakarta, which Bloomberg News described as "surprising", due to Trump's comments on various foreign countries in office. To facilitate becoming a publicly traded company, a special-purpose acquisition company (SPAC) called Digital World Acquisition Corp (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 SEC investigations for misrepresenting shell corporations. InceptionĪccording to Reuters, two members of the cast of Trump's TV show The Apprentice, Wes Moss and Andy Litinsky, were "central" to the founding of Truth Social's parent company, the Trump Media & Technology Group (TMTG), having allegedly pitched the idea of a social network to Trump in January 2021. Trump", a web page where he posted short tweet-like announcements it was shut down after less than a month, with Trump's senior aide Jason Miller confirming it would not be coming back. In May 2021, Trump launched " From the Desk of Donald J. president Donald Trump raised the prospect of building a new social media platform after he was banned from Facebook and Twitter in 2021, following the 2021 United States Capitol attack. A November 2023 financial disclosure by DWAC indicated that Truth Social had made a cumulative loss of at least $31.5 million since its inception. ĭigital World Acquisition Corporation, the special-purpose acquisition company formed to fund Truth Social's parent company TMTG and take it public, disclosed in October 2023 that it was refunding to investors the $1 billion it had raised for TMTG. Trump estimated in an April 2023 personal financial disclosure that the site's value ranged from $5 million to $25 million. Īs of March 6, 2023, it was ranked number 101 in Apple's App Store rankings for social media apps, and SimilarWeb ranked its website as number 203 in their "News & Media Publishers" category, behind Gab at number 154, but ahead of Parler at number 1,052. The application was initially not available on Google Play because of violations of Google policies prohibiting content with physical threats and incitement to violence, but was approved for Google Play in October 2022 after agreeing to enforce policies against incitement. Since mid-2022, Truth Social has been facing financial and regulatory issues. The service was launched on February 21, 2022. Truth Social uses Mastodon as its backend. It has been called a " Twitter clone" that competes with Parler, Gab, and Mastodon in trying to provide an alternative to Twitter and Facebook. Truth Social (stylized as TRUTH Social) is an alt-tech social media platform created by Trump Media & Technology Group (TMTG), an American media and technology company founded in October 2021 by former US president Donald Trump. Estimated 607,000 monthly users as of July 2023
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |