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[WATCH] New Meidas Touch Podcast Breaks Down Trump’s ‘Pump and Dump’ Scheme Tied Into New Truth Social App

[WATCH] New Meidas Touch Podcast Breaks Down Trump’s ‘Pump and Dump’ Scheme Tied Into New Truth Social App

Earlier this week, Donald Trump made an announcement that he was once again attempting to return to the world of social media. Despite his failed attempt at launching a blog mere weeks after leaving office, Trump’s trying again with a new platform, TRUTH Social, which is run by a brand-new Trump company, the Trump Media & Technology Group. In its marketing materials, Trump Media & Technology Group notes that its “targeted competitors are Facebook, Apple, Amazon, Netflix, Google, Disney, and Hulu”.

While it’s not really news that Trump is floundering without a daily way to blast his messages out to his remaining base, what makes this new platform interesting is how quickly it’s going public. How exactly can a brand-new company that was only announced in the last few days already be able to sell shares to investors? Because like everything else Trump is involved with that puts money in his pocket, it’s another illegal scheme.

 (Photo by Justin Sullivan/Getty Images)

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).

Commonly known as a “pump and dump” scheme–easy to remember, since it rhymes with Trump–supporters will be encouraged to buy stock in the company is yet another Trump grift.


Meidas Touch first announced something hinky with Truth Social, sharing the SEC documents.

Watch them break down the mechanics of the latest Trump grift on their new podcast, Legal AF. The discussion about the scheme begins at 46:46.

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