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.
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".
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!
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).
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Faced 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.
