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TRUTH SOCIAL #PRAVDASOCIAL & Trump Media & Technology Group (TMTG) SPAC Digital World Acquisition Corp NASDAQ: DWAC

Abandon reality, all ye who enter here. *Democracy*Under*Threat*
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#26

Post by neeneko »

RTH10260 wrote: Thu Oct 21, 2021 2:22 pm " using Mastodon's codebase without credit." - is anybody surprised :?:
Eh, it is GPLv3.. it was literally written by people for whom this kind of behavior is their day job.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#27

Post by neeneko »

orlylicious wrote: Thu Oct 21, 2021 2:04 pm :lol:
Will Sommer @willsommer 15h

Am I crazy, or did Trump's new "Truth Social" social media network get a dig in here and superimpose a Chinese flag backdrop on Gettr? Gettr is likely their biggest competitor and, coincidentally or not, funded by a fugitive Chinese billionaire.
I wonder if they are trying to get ahead of people pointing out that the firm behind this funding is based out of China? I guess fugitive billionaires are losers who can not be trusted, but Chinese billionaires who can still operate out of China and own companies on the US exchanges are winners?
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#28

Post by Luke »

Posted on Telegram. Fu*k you, EF Hutton.
Geno Gallaher, [21.10.21 10:04]
[Forwarded from Donald J. Trump]
Announcing Trump Media & Technology Group

PALM BEACH, FL -- October 20, 2021 -- Trump Media & Technology Group and Digital World Acquisition Corp. (NASDAQ: DWAC) have entered into a definitive merger agreement, providing for a business combination that will result in Trump Media & Technology Group becoming a publicly listed company, subject to regulatory and stockholder approval. The transaction values Trump Media & Technology Group at an initial enterprise value of $875 Million, with a potential additional earnout of $825 Million in additional shares (at the valuation they are granted) for a cumulative valuation of up to $1.7 Billion depending on the performance of the stock price post-business combination. Trump Media & Technology Group’s growth plans initially will be funded by DWAC’s cash in trust of $293 Million (assuming no redemptions).

Trump Media & Technology Group's mission is to create a rival to the liberal media consortium and fight back against the "Big Tech” companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America.

Trump Media & Technology Group (“TMTG”) will soon be launching a social network, named "TRUTH Social." TRUTH Social is now available for Pre-Order in the Apple App store. TRUTH Social plans to begin its Beta Launch for invited guests in November 2021. A nationwide rollout is expected in the first quarter of 2022. Those who are interested in joining TRUTH Social may now visit www.truthsocial.com to sign up for the invite list.

President Donald J. Trump, the Chairman of TMTG, stated, “I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech. We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable. I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all. I'm excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”

Patrick F. Orlando, Chairman/CEO of DWAC, stated, "Digital World was formed to create public shareholder value and we believe that TMTG is one of the most promising business combination partners to fulfill that purpose. DWAC currently has $293 Million in trust, assuming minimal redemptions, which can fuel TMTG’s scale up, including to provide world class leading technology services to build strong and secure social networks and diverse media offerings. Given the total addressable market and President Trump’s large following, we believe the TMTG opportunity has the potential to create significant shareholder value.”

Additionally, TMTG intends to launch a subscription video on demand service (TMTG+). TMTG+ will feature 'non-woke' entertainment programming, news, podcasts, and more. TMTG has named Scott St. John as the leader of TMTG+ Corporate Operations. Scott St. John is the Executive Producer of “Deal or No Deal’ and “America’s Got Talent” and has produced over 1,000 hours of Network and Cable TV.

Please visit TMTG’s corporate website at www.tmtgcorp.com for a Company Overview, and a video tour of TRUTH Social.

Transaction Overview

The transaction is subject to approval by stockholders of DWAC and TMTG and other customary closing conditions, including any applicable regulatory approvals. Additional information about the transaction will be provided in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission ("SEC") and available at www.sec.gov. In addition, the Company intends to file a registration statement on Form S-4 with the SEC (the “Registration Statement”), which will include a proxy statement/prospectus of DWAC, and will file other documents regarding the proposed business combination with the SEC.

Advisors

EF Hutton is acting as sole financial and capital markets advisor to DWAC.
Axios on this joke:
Trump's new venture could be peak SPAC
Dan Primack, author of Pro Rata

Former President Trump last night announced plans to launch a digital media network called "Truth Social," and said it would go public via a SPAC called Digital World Acquisition (Nasdaq: DWAC). What to know: So far, this is a joke. The press release didn't contain even basic information, such as the new company's CEO. In fact, the only execs mentioned are Trump (as chairman) and veteran TV producer Scott St. John as head of a subscription streaming service. There's no PIPE financing disclosed, even though redemptions could eat into Digital World's $293 million in reserves (caveat: the SPAC is soaring in early trading, likely on retail demand from Trump fans).

Oh, and there's a mention of the whole thing being worth $1.7 billion, "depending on the performance of the stock price post-business combination" — without any details of what type of stock performance would trigger that "additional earnout," or if it would be Trump himself who benefits.
Digital World filed an 8-K this morning with the SEC, but without the customary investor presentation attached. There is a 22-page pitch-deck on the new website for Trump Media Group, although it's much more sizzle than steak. And it looks very familiar to a deck Axios' Kia Kokalitcheva reported on earlier this year (one slide is actually identical).

A "pre-order" option for Truth Social is available in the App Store, with a screenshot that basically looks like reskinned Twitter. The press release says the company plans to launch in early 2022, which means the company would seek to go public without a commercialized product.

About the SPAC: Digital World was formed earlier this year by Patrick Orlando, who has raised several SPACs but has yet to successfully buy a company. He did have one merger signed, with Giga Energy, but it was later terminated. Its CFO is a member of Brazil's National Congress, and an ally of Jair Bolsonaro. There are no women in its exec ranks or on its board. Spokespeople for Trump and the SPAC declined to comment beyond the press release.

The bottom line: This appears to be a shell company buying a shell company.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#29

Post by Luke »

:lol: WaPo:
Pranksters have already defaced Trump’s new social network
Drew Harwell 7 hrs ago

Former president Donald Trump and his team declared Wednesday night that they would soon launch a “media powerhouse” that would help them triumph in their long-running war against Big Tech. But within hours, pranksters found what appeared to be an unreleased test version and posted a picture of a defecating pig to the “donaldjtrump” account. The site, called Truth Social, has since been pulled offline, evidence that Trump is likely to face a daunting challenge in building an Internet business that can stand on its own. Banned by all major social networks after his supporters stormed the U.S. Capitol on Jan. 6, Trump has for months agitated to regain the online megaphone that once blasted his voice around the world. In a presentation released Wednesday by his new media company, Trump Media & Technology Group, his team hailed the new social network as the first tentpole for a Trump-led media, news and Internet empire that would one day compete with CNN, Disney and Facebook.

But the site’s early hours revealed lax security, rehashed features and a flurry of bizarre design decisions. An open sign-up page allowed anyone to use the site shortly after it was revealed, sparking the creation of the “donaldjtrump” account and the pig posting. A Washington Post reporter was able to register and post under the account name “mikepence” without any stops in place. New sign-ups were blocked shortly after. A Trump Media & Technology Group spokesperson did not immediately respond to requests for comment. The site looks almost entirely like a Twitter clone: A user can post Truths, which are like tweets, or Re-Truths, which are retweets. There is also a news feed, called the Truth Feed, a notification system so users can know who interacts with their Truths, the social network’s App Store profile states. The site’s code shows it runs a mostly unmodified version of Mastodon, the free, open-source software launched in 2016 that anyone can use to run a self-made social networking site. Mastodon founder Eugen Rochko told The Post on Thursday that Trump’s site may violate Mastodon’s licensing rules, which require developers to share any modifications and link to the original source code. Rochko said he has contacted the company’s legal counsel to make a determination. Mastodon would not be able to take the site down in case of a violation, Rochko said, because users can host the software on their own servers. “Such independence is one of the selling points of the platform,” he said, but “it is not an independence from the law, so avenues to take action still exist through legal proceedings.”
► Show Spoiler

https://www.msn.com/en-us/news/politics ... uxbndlbing

You can download the deck PDF (too big to upload here, about 6MB) at https://tmtgcorp.com/company-overview/





Here's the pig post in spoiler (it's just a pig doing his business but in case you're eating or something):

► Show Spoiler
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#30

Post by Frater I*I »

I got $20 that says this is all a pump and dump stock scheme.... :bored:
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He's got the answers to ease my curiosity, He dreamed a god up and called it Christianity"

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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#31

Post by John Thomas8 »

TRUTH claims it owns the code for the site.

The team that actually wrote the code don't agree:

https://www.vice.com/en/article/5dgm5k/ ... odon-trump

Its terms also say that “all source code” of Truth Social is proprietary. That might run afoul of Mastodon’s own license.

“The main thing is that Mastodon is free software, released under the AGPLv3 license, so anyone can use it—provided they comply with the license. The main part of the license is making the source code and any modifications to it available to the public,” Rochko told Motherboard. With Truth Social saying that its code is proprietary “that would be a problem, as that would indicate a license violation,” Rochko added.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#32

Post by Suranis »

Frater I*I wrote: Thu Oct 21, 2021 7:42 pm I got $20 that says this is all a pump and dump stock scheme.... :bored:
That's safe money right there
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#33

Post by tek »

Frater I*I wrote: Thu Oct 21, 2021 7:42 pm I got $20 that says this is all a pump and dump stock scheme.... :bored:
:yeahthat:
Possibly with a side-order of money laundering.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#34

Post by tek »

Bloomberg:
So if Donald Trump announced “hey I’m gonna do a social media company, buy some stock,” people would buy some stock. And then he’d get a lot of money. And then if the social media platform did not end up being profitable — as I cannot imagine it would be! — then he would, uh, still have that money? And if the social media platform did not end up being launched — if Trump and his crack team of technologists just couldn’t actually build a well-functioning online social network — then he would, uh, still have that money? And if there was no crack team of technologists at all, if nobody even tried to build the social media platform — then you see where I am going with this right?
https://www.bloomberg.com/opinion/artic ... oes-a-spac
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#35

Post by neeneko »

John Thomas8 wrote: Thu Oct 21, 2021 7:46 pm TRUTH claims it owns the code for the site.

The team that actually wrote the code don't agree:

https://www.vice.com/en/article/5dgm5k/ ... odon-trump

Its terms also say that “all source code” of Truth Social is proprietary. That might run afoul of Mastodon’s own license.

“The main thing is that Mastodon is free software, released under the AGPLv3 license, so anyone can use it—provided they comply with the license. The main part of the license is making the source code and any modifications to it available to the public,” Rochko told Motherboard. With Truth Social saying that its code is proprietary “that would be a problem, as that would indicate a license violation,” Rochko added.
For the site they can probably get away with it. One of the major motivations behind the design of (A)GPLv3 was so that companies that had hosted products like websites could use/alter FOSS without having to redistribute. However, for any app they produce and distribute via the apple/google store, THAT they might have to open up, at least if they alter the client library itself.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#36

Post by RTH10260 »

as reported by NYT
Stymied Before, Trump Finds Backing for His Own Media Venture
A merger could give the former president access to nearly $300 million in cash — and perhaps a new platform.

By Jeremy W. Peters and David Enrich
Oct. 20, 2021

Former President Donald J. Trump said on Wednesday that he had lined up the investment money to create his own publicly traded media company, an attempt to reinsert himself in the public conversation online from which he has largely been absent since Twitter and Facebook banned him after the Jan. 6 insurrection.

If finalized, the deal could give the new Trump company access to nearly $300 million in spending money.

In a statement announcing the new venture, Mr. Trump and his investors said that the new company would be called Trump Media & Technology Group and that they would create a new social network called Truth Social. Its purpose, according to the statement, is “to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley.”

Since he left office and became the only American president to be impeached twice, Mr. Trump has had an active presence in conservative media. But he lacks the ability he once had to sway news cycles and dominate the national political debate. He filed a lawsuit this month asking Twitter to reinstate his account.

The announcement on Wednesday also pointed to a promised new app listed for pre-sale on the App Store, with mock-up illustrations bearing more than a passing resemblance to Twitter.

The details of Mr. Trump’s latest partnership were vague. The statement he issued was reminiscent of the kind of claims he made about his business dealings in New York as a real estate developer. It was replete with high-dollar amounts and superlatives that could not be verified.



https://www.nytimes.com/2021/10/20/us/p ... -spac.html
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#37

Post by filly »

Donald Trump heading a publicly traded company; what could possibly go wrong?
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#38

Post by Volkonski »

filly wrote: Fri Oct 22, 2021 10:21 am Donald Trump heading a publicly traded company; what could possibly go wrong?
Everything.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#39

Post by neeneko »

Huh. So I guess by this breakdown, it is a glorified version of BitClout, where stock price would be completely based off people's guesses about how influential Trump is to his followers.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#40

Post by Luke »

:lol:
'Makes me want to throw up': Trump 'Truth' network investor is out now that he knows it's a 'fake news business'
Tom Boggioni

The launch of Donald Trump's new social media company "TRUTH Social" has hit another bump in the road as some early key investors are pulling out after discovering he is one of the principals behind it which they were unaware of at the time they put money into the start-up. As the New York Times reported, "The details of Mr. Trump's latest partnership were vague. The statement he issued was reminiscent of the kind of claims he made about his business dealings in New York as a real estate developer. It was replete with high-dollar amounts and superlatives that could not be verified."

According to a report from the Huff Post's Ed Mazza, one hedge fund manager lashed out when he found out about Trump's involvement. As Mazza reports, "[Boaz] Weinstein's Saba Capital had been a major investor in Digital World, a special purpose acquisition company (SPAC) formed for the purpose of acquiring another company. As is common in SPAC arrangements, investors put their cash in before the acquisition target was chosen. When Weinstein learned it would be with Trump's firm, he bailed."

"I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done. Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call," he explained. Another unnamed investor, who reportedly held a 10 percent stake in the company, was considerably more graphic when talking about being taken in by Trump's latest venture and he "sold everything as soon as he could," reports Mazza.

"The idea that I would help [Trump] build out a fake news business called Truth makes me want to throw up," they said.
https://www.rawstory.com/donald-trump-t ... ial-media/

More at https://www.huffpost.com/entry/donald-t ... SSTAND0001
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#41

Post by Suranis »

Wow. They all sold their shares when they were worth 100 times what they were worth 2 days ago. I'm "shocked."
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#42

Post by tencats »

3 reasons why Donald Trump's new social media company is doomed to fail
Analysis by Chris Cillizza, CNN Editor-at-large
Updated 12:20 AM ET, Fri October 22, 2021
(CNN)Donald Trump is -- finally -- getting into the social media game.
After a series of fits and starts, Trump announced the formation of TRUTH Social on Wednesday night -- an effort, he insisted, to "stand up to the tyranny of Big Tech." Posts will be called tweets TRUTHs and Trump said he is "excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech."
This is a uniquely terrible idea that will, almost certainly, fail. And there's plenty of reasons for that!
1. Twitter already exis
2. The conservative social space is crowded (and not doing well)
3. Donald Trump isn't president anymore.
:snippity:
"[Trump's] Google search interest was lower than at any point since June 2015, as was the amount of time he was seen on cable. The networks were covering him far less, down to the point reached last year when the pandemic overtook Trump in the national attention. Besides that, the average mentions of Trump in March were back to the levels seen in November 2015."

His attempt to start a post-presidential blog with grandiose ambitions ended with a whimper in June, shutting down for good. As The New York Times put it in June:
"Mr. Trump had become frustrated after hearing from friends that the site was getting little traffic and making him look small and irrelevant, according to a person familiar with his thinking.

"The site, which cost a few thousand dollars to make and was put together for Mr. Trump by a company run by his former campaign manager Brad Parscale, was intended to be an online hub for supporters to see statements issued by the former president and communicate with him."
To be clear: Some people will consume whatever Trump does. But that group isn't large enough to launch a successful social network. Not even close.

Freepers react.
:popcorn: :roll: :lol:
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#43

Post by RTH10260 »

The reason that TRUTH is way out in left field for naming a media platform in the US is cause the term has already been occupied by the churches, Christians, Muslims and all others. The Church Of Trump is claiming TRUTH far too late, it's a looser ;) The term suggest only a unique point of view will be tolerated, so why would anybody outside of the echo chamber sign up to post a controversial opinion, start a discussion? Apart of the trolls ...
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#44

Post by Slim Cognito »

They all threaten to leave Twitter but it never happens.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#45

Post by Foggy »

Twitter has more than 200 million users. It's really hard to scare them by threatening to leave (and Imma take all my friends with me!)
Out from under. :thumbsup:
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#46

Post by Uninformed »

I’m surprised Twitter has so few (!) users, Facebook has about 2.89 billion. :shock:
If you can't lie to yourself, who can you lie to?
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#47

Post by Slim Cognito »

From the Washington Examiner, via Yahoo, but seems legit.

https://news.yahoo.com/trump-social-net ... 00628.html
Trump social network given 30 days to stop breaking software license


Former President Donald Trump's new social media platform, TRUTH Social, has been given 30 days to comply with the software's terms of license before its access is terminated. If it fails to comply, the platform may face legal action or have to rebuild from scratch.

Trump Media and Technology Group, a new company started by the former president, announced Wednesday it would soon launch TRUTH Social, a new platform aiming to "stand up to the tyranny of Big Tech." The site is being built with the open-source software Mastodon.

The Software Freedom Conservancy, a nonprofit organization that provides support and legal services for open-source software, said Friday that while anyone can use Mastodon's code for free to build online platforms, they must comply with its license that requires offering the user's own source code, which TRUTH Social has not done.

TRUTH Social refers to its platform and software code as "proprietary." Unless it changes its approach and opens up its code for users to view within 30 days, the platform can no longer use the Mastodon software it has been built upon.
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#48

Post by RTH10260 »

:blackeye: dang - now they will have to publish their fundrasing code.

Cause that's the only thing they modified in the short time :twisted:
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#49

Post by tek »

DJT, probably:

"This suit is fake news. I wrote every line of that code myself. Big burly software engineers, with tears in their eyes, came up to me and told me it is the best code they have ever seen."
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Re: TRUTH Social & Trump Media & Technology Group (TMTG)

#50

Post by neeneko »

Slim Cognito wrote: Sat Oct 23, 2021 4:38 pm From the Washington Examiner, via Yahoo, but seems legit.

https://news.yahoo.com/trump-social-net ... 00628.html
I would be curious to see an actual suit and what it references. For the moment this feels like a publicity stunt or a misunderstanding. AGPL does not require redistribution or contribution if the package is used internally, and externally visible but internally hosted services count as 'internal'. if they are using one of the pre-canned clients that would be a clear violation, but only if they are modifying the underlying library.. and that component would probably be pretty easy to replace.

If it was not a legal group putting out this claim, I would just write it off to confusion. Over the years I have been on the receiving end of a handful of 'you are in violation of the GLP, you must release your code!' demands and they tended to come from well meaningly hopeful but misguided people who misunderstand how the lisence works, which was pretty common after the SCO stuff and their wild claims.
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