Donald Trump launched another successful grift–that is, a new social media platform–called TRUTH Social last week, which has already resulted in investors seeing epic losses instead of any returns. And that’s just what Trump intended.
As we previously reported, Trump Media & Technology Group went public via a SPAC, which means it’s a “special purpose acquisition company,” or what’s more typically known as a “blank check company.” In layman’s terms, it’s a shell corporation, and this isn’t the first one Trump has been associated with. Essentially, it’s a way to get a company listed on the stock market as a way to attract private investors who don’t want to deal with any red tape or an Initial Public Offering (IPO).
The classic “pump and dump” scheme should just be renamed the “Trump and Dump” for his continued reliance on SPACs to get much-needed money into his coffers as fast as possible. All of those legal fees he’ll never pay sure do add up, don’t you know. And as everything Trump touches dies, a company linked to TRUTH Social suffered “a massive weekly decline” in its stock price, according to Investors Business Daily. Digital World Acquisition (DWAC), which is merging with the Trump Media & Technology Group to form the Truth Social platform, finished at $67.75 per share on Friday, which represented a 25 percent decline for the week. Digital World Acquisition skyrocketed last week on the news it will serve as a vehicle to take the new Trump group public via a merger, but the decline is much more lucrative to Trump.
The, um, Trump Media and Technology Group (🤔) has an announcement for us that absolutely everyone saw coming—Truth Social will have an anti-woke video streaming platform component. pic.twitter.com/2yIJOxuhti
— Jenn Dize 👩🏻💻Flint CORRUPTION | see pinned 🐦 (@jennelizabethj) October 26, 2021
You can’t use open source code, create something new, and then not have that new code also be open source. Anything else is a violation of the open source software license.
But that’s what Trump did with Truth Social. They effectively stole Mastodon’s code to build Truth Social
— Tristan Snell (@TristanSnell) October 30, 2021