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

[RTH10260]

When hopes to at least break even on the original shares purchase ...

[Tiredretiredlawyer]

[noblepa]

Looks like the shareholders have given DWAC a reprieve.

Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote
https://www.marketwatch.com/story/trump ... e-c46f5ec5

Pardon my language, but that is unfuckingbelievable.

Are these the same people that believe that their Zimbabwe dollars or Iraqi Dinar are going to be miraculously revalued and make them all insanely rich? It seems to be the same mentality. Any. Day. Now.

I still don't understand why a sale between an interested buyer and a willing seller is taking so long to complete. Trump wants to sell. DWAC wants to buy. Surely, they have an agreed upon price by now. The only thing I can think of is that DWAC does not have the money to meet Trump's price.

I take that back. Another scenario comes to mind: they are just trying to prolong the grift. If they complete the deal, Trump will take his money and run. Without Trump, DWAC will not be able to sell more shares in the company.

[somerset]

Looks like the shareholders have given DWAC a reprieve.

Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote
https://www.marketwatch.com/story/trump ... e-c46f5ec5

Pardon my language, but that is unfuckingbelievable.

Why?

Most of the investors have already lost 90% of their money. The downside to extending the deadline is possibly (likely) losing more, but when you've already lost most of your investment, does it really matter? It's one thing to cut your losses when 10%, 20% or even 50%. But when you're looking at getting maybe 10% of your money back, you might as well stay in and hope for a miracle.

[p0rtia]

I assumed it was a given that they'd do the year extension. Nobody on that side of the Great Divide of Grift is gonna be the ones who destroy fuckhead. Somebody has to bail him and all his companies out. Otherwise the space-time continuum would collapse.

[northland10]

Looks like the shareholders have given DWAC a reprieve.

Trump’s Truth Social merger with SPAC wins 1-year reprieve with shareholders vote
https://www.marketwatch.com/story/trump ... e-c46f5ec5

Pardon my language, but that is unfuckingbelievable.

Why?

Most of the investors have already lost 90% of their money. The downside to extending the deadline is possibly (likely) losing more, but when you've already lost most of your investment, does it really matter? It's one thing to cut your losses when 10%, 20% or even 50%. But when you're looking at getting maybe 10% of your money back, you might as well stay in and hope for a miracle.

I assumed it was a given that they'd do the year extension. Nobody on that side of the Great Divide of Grift is gonna be the ones who destroy fuckhead. Somebody has to bail him and all his companies out. Otherwise the space-time continuum would collapse.

There may well be some large, likely more hidden, investors who are interested in more than the stock value or even if they are losing money. In a year, they may find if the owner of TS will be of any use to them going forward. If Trump is no longer a viable candidate for President, they will likely dump the whole thing and let the merger fail.

[Shizzle Popped]

Trump Media's funding partner says it's returning $1 billion to investors, with many asking for money back

MONEYWATCH
Trump Media's funding partner says it's returning $1 billion to investors, with many asking for money back
moneywatch
BY AIMEE PICCHI

UPDATED ON: OCTOBER 13, 2023 / 6:57 AM / MONEYWATCH

The funding partner for Trump Media & Technology Group said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, said in a regulatory filing that it has received termination notices from investors for $467 million of the funding. The remaining $533 million will be returned to investors, with DWAC CEO Eric Swider saying in a press release that the decision is a "positive development" as Trump's media group focuses on developing a "sustainable business model."

The loss of funding for DWAC appears to be a step backward for the prospective merger between the company and Trump's media outfit, which runs Truth Social, a social media service with a conservative flavor. When the merger was first announced in 2021, it sparked an 800% surge in DWAC's shares, prompting comparisons to meme stocks.

The stock, which topped $100 in 2022, was at $15.40 ahead of the start of trade on Friday. Since then, however, the merger has faced numerous obstacles, including regulatory scrutiny.

https://www.cbsnews.com/news/trump-dwac ... th-social/

[RTH10260]

The loss of funding for DWAC appears to be a step backward for the prospective merger between the company and Trump's media outfit

I am not sure if the author knows what he is writing about. That's not a "loss of funding", it's the consequence of the merger not beeing completed in the promised time frame. even though shareholders recently decided to hold out another year, Operations are winding down.

[Suranis]

The author probably did not want to say that the reason the thing is that the only reason for the merger was to inject a ton of Cash into Trumps withered pocket, so there is no reason for it now (as far as I know anyway) and the reason it failed is that Trump is such a stupid fuck that he cant stop criming.

[Dr. Ken]

[MN-Skeptic]

Trump’s SPAC Now Says Its 2021 Financial Statements ‘Should No Longer Be Relied Upon’

The company planning to merge with Trump Media & Technology Group, owner of the Truth Social platform, has now walked away from two years of financial statements after informing the Securities and Exchange Commission on Monday that its audited financials for 2021 “should no longer be relied upon.”

In May, Digital World Acquisition Corp issued a similar notice to the SEC regarding its financial statements for the year ending Dec. 31, 2022.

The retractions began after Digital World’s management, audit committee and advisors concluded that an error mandated reissuing the company’s audited financial statements. Digital World’s filings don’t identify the mistake, but say it is indicative of “a material weakness” in the company’s “internal control over financial reporting,” and that “the company’s disclosure controls and procedures were not effective.”

Digital World plans to reissue the financial statements and also share a plan to address the issues. It did not provide a time frame.

[johnpcapitalist]

Trump’s SPAC Now Says Its 2021 Financial Statements ‘Should No Longer Be Relied Upon’

The company planning to merge with Trump Media & Technology Group, owner of the Truth Social platform, has now walked away from two years of financial statements after informing the Securities and Exchange Commission on Monday that its audited financials for 2021 “should no longer be relied upon.”

I'm gobsmacked. How could anyone possibly have seen this coming?

Restatements used to be fairly common before 2004, when Sarbanes-Oxley reforms were passed to hold senior corporate management more accountable.

A recent note from Deloitte (https://www2.deloitte.com/us/en/pages/a ... rends.html) suggests that most SPACs (like DWAC) and other IPOs have restatements in their first year.

One interesting point:

accounting restatements were typically related to five specific areas, each of which generally requires technical accounting and reporting expertise: revenue recognition, deferred tax assets and liabilities, leases, equity awards, and earnings per share (EPS).

One wonders exactly what they did wrong because they hadn't done their merger. EPS, deferred taxes and revenue recognition would not seem to apply here. Nor would leases -- IIRC, they abandoned their office space and are now accessible only through a P.O. box. I wonder if someone got caught giving themselves too many options. Or they may have just gotten sloppy on basic accounting, like expenses from all the shareholder votes. Regardless, it's pretty hard to screw up accounting for a holding company that doesn't actually have revenue and has only a few expenses.

[raison de arizona]

Did they forget to put on a powerful disclaimer? You can lie and commit fraud, you know, as long as you have a powerful disclaimer.

[northland10]

Did they forget to put on a powerful disclaimer? You can lie and commit fraud, you know, as long as you have a powerful disclaimer.

The most beautiful powerful disclaimer ever.

[RTH10260]

[Ben-Prime]

Did they forget to put on a powerful disclaimer? You can lie and commit fraud, you know, as long as you have a powerful disclaimer.

I believe that's only if it's spelled 'powahful'.

[bill_g]

I fired up ChatGOP requesting a universal disclaimer, and here is what popped out:

If you read it in this report, it's not what we meant.
And if you think it's what we meant, that's not what we wrote.
Read it again.

[RTH10260]

[Kriselda Gray]

I fired up ChatGOP requesting a universal disclaimer, and here is what popped out:

If you read it in this report, it's not what we meant.
And if you think it's what we meant, that's not what we wrote.
Read it again.

[Dr. Ken]

[RTH10260]

the only downside is that (un)Truth must have got some extra subscribers.

[bill_g]

Travda

[noblepa]

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?

[Suranis]

Truth01.jpg (57.13 KiB) Viewed 697 times

[northland10]

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?

I suspect Elon's rape of the Twitter Bird has reduced the potential future value of Rump Social.