Fogbow

noblepa wrote: ↑Thu Oct 19, 2023 11:55 am I confess that I had never heard of a SPAC before this episode, but I'm still confused as to why the deal has not closed.

I've read recently that the SPAC is going to refund a billion dollars to investors. If they had that much money available to refund, why wasn't that enough to close the deal?

Was TFG asking for even more than that?

What was the hold up?

Since launching in early 2022, former President Donald Trump‘s Truth Social took in $3.7 million in net sales, and lost $73 million.

The numbers are the first time that any internal financial details on the social platform have been shared publicly, and they suggest that while Trump has made Truth Social his primary social media platform, it has not been translating into meaningful revenue for the tech startup, which is owned by Trump Media & Technology Group (TMTG).

The numbers were revealed in a new financial disclosure from TMTG’s SPAC merger partner Digital World Acquisition Corp. The filing revealed that in 2022, Truth Social lost $50 million on just $1.4 million of net sales, and through the first 6 months of this year it brought in $2.3 million, but lost $23 million.

The financial situation of TMTG is such that “TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” according to the filing.

In a frank assessment of its business, the filing says that “as of June 30, 2023, and December 31, 2022, management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG,” and that “TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World.”

The filing indicates that, if TMTG is unable to complete the merger with DWAC, and receive the pot of money on the line, it may not survive.

Slim Cognito wrote: ↑Mon Nov 13, 2023 10:06 pm Can't wait to see Pravda Social in the Rot In Hell thread.

Frater I*I wrote: ↑Mon Nov 13, 2023 10:30 pm

Slim Cognito wrote: ↑Mon Nov 13, 2023 10:06 pm Can't wait to see Pravda Social in the Rot In Hell thread.

I would never correct you...so maybe I'll change the tread title...

bob wrote: ↑Mon Nov 20, 2023 9:13 pm The complaint (filed in state court in Florida). Jesse Binnall* is PHV pending.

Claims of defamation and injurious falsehood. Cool $1.5B ask.

Klayman must be dying somewhere (NADT).


* Binnall's office continues to be above the Pita House in Alexandria, Virginia.

Derivative liabilities means the fair value of derivative instruments in a negative position as of the end of the most recent fiscal year end, as recognized and measured in accordance with U.S. generally accepted accounting principles or other applicable accounting standards. Such value shall be adjusted for the effects of master netting agreements and cash collateral held with the same counterparty on a net basis to the extent such adjustments are reflected on the audited consolidated statement of financial condition of the applicable financial company filed with its primary financial regulatory agency or agencies or, for financial companies not required to file such statements, on the consolidated balance sheet of the financial company prepared in accordance with U.S. generally accepted accounting principles or other applicable accounting standards.

Derivative liabilities means, as of any date, the net liabilities of the Borrower under all Derivatives determined on a xxxx-to-market basis.

Derivative liabilities means those certain earnouts, warrants, and swap agreements required by GAAP to be recognized as “derivative liabilities” in accordance with FASB ASC 815, and as shown on the most recent consolidated financial statements of UHG and its Subsidiaries required to be delivered from time to time in accordance with this Agreement.

orlylicious wrote: ↑Mon Nov 20, 2023 10:22 pm It was reported "Truth Social lost $50 million on just $1.4 million of net sales in 2022 and another $23 million within the first six months of this year, according to the filing" which is what was reported. Here's the S-4 DWAC chart. https://www.msn.com/en-us/news/politics ... r-AA1jSZJz

JPC, am I missing something? https://app.quotemedia.com/data/downloa ... 2023-11-13

JPC, is DWAC now a SCREAMING BUY, or should we be keeping our powder dry for the Mike Lindell FrankSocial Offering?

roadscholar wrote: ↑Tue Nov 21, 2023 2:01 pm In the same sense that it’s legal to call someone a “criminal” even though they’ve never been convicted of a crime?

Trump's Truth Social deal is being investigated by 'elite money-laundering team': report

Tom Boggioni
February 3, 2024 9:13AM ET

A federal investigation into the financing behind Donald Trump's foray into social media has grown to involve the FBI, the SEC, a division of the Department of Homeland Security and what is being described as "one of the government’s most elite anti-money-laundering teams" according to a new federal filing.

According to a deep dive by the Washington Post's Drew Harwell, there is no indication that the former president and his Trump Media have been accused of wrongdoing in the case involving the troubled Truth Social thus far, but there are questions over his involvement in "a business arrangement that federal agents now allege was undermined from its inception by financial fraud."

A central focus of the investigation, the Washington Post is reporting, is Patrick Orlando, Digital World’s chief executive, whose special purpose acquisition company (SPAC) stepped in to raise money for the project when banks wouldn't provide financing.

Reviewing government documents, the Post's Harwell wrote, Orlando "had been telling investors privately for months that he’d been talking with Trump about the deal" which is a violation of federal securities law according to the SEC.



https://www.rawstory.com/trump-truth-social-financing/

The wild probe into investors of DWAC, Trump Media’s proposed merger ally
Sales of Digital World Acquisition stock triggered a widespread federal probe that involved a confidential informant, a secret airport phone scan and an elite anti-money-laundering squad. Three people were indicted, but the investigation continues.

By Drew Harwell
February 3, 2024 at 7:00 a.m. EST

In October 2021, former president Donald Trump announced that his media company, the owner of the platform Truth Social, had sealed an incredible deal: a merger with a “special-purpose acquisition company” that would deliver to his firm $300 million toward his promise of giving “a voice to all.”

By then, however, the insider trading by investors in the SPAC, Digital World Acquisition, had already begun, according to documents filed recently in the criminal case against three Digital World investors who’ve been charged with securities fraud in federal court in New York.

Digital World’s chief executive, Patrick Orlando, a Miami financier Trump had hosted at his golf clubs, had been telling investors privately for months that he’d been talking with Trump about the deal, the filings assert — a violation of federal securities law, the Securities and Exchange Commission would say later, given his company’s pledge in regulatory filings that its leaders had held no talks with any merger targets.



Those profits caught the attention of federal officials, who launched a sprawling investigation into Digital World’s investors, the details of which raise questions about how Trump, who built his political reputation in part on having mastered “the art of the deal,” ended up committed to a business arrangement that federal agents now allege was undermined from its inception by financial fraud.



much more details in https://www.washingtonpost.com/technolo ... stigation/
guest link https://wapo.st/486ScT0