"TRUTH Social" No You Can't Make This Up

[Phil1111 908]

trump has announced a new social media platform called "TRUTH Social" in order to “stand up to the tyranny of Big Tech.” The platform is a merger with "The app appears to be the first project of the Trump Media and Technology Group (TMTG), which will list on the Nasdaq through a merger with Digital World Acquisition Group, "

The merger and transaction values TMTG at up to $1.7 billion. Only in America. But it gets better. On the platform any criticism of Donald trump can result in the permanent ban of the critic.

This occurs at the same time President Putin is instituting new internet controls over internal Russian criticism of its government.

"The messages, sent by Russia’s powerful internet regulator, demanded technical details — like traffic numbers, equipment specifications and connection speeds — from companies that provide internet and telecommunications services across the country. Then the black boxes arrived.

The telecom companies had no choice but to step aside as government-approved technicians installed the equipment alongside their own computer systems and servers. Sometimes caged behind lock and key, the new gear linked back to a command center in Moscow, giving authorities startling new powers to block, filter and slow down websites that they did not want the Russian public to see."

For the younger readers of these forums. The old version of Russian propaganda was called Pravda. Which means "truth" in Russian.

[Faicon9493 114]

Looks like another Trump quest for OPM (Other People's Money).

[NewGuy2005 51]

9 hours ago, Faicon9493 said:

Looks like another Trump quest for OPM (Other People's Money).

TRUTH

[wolfriverjoe 1,340]

On 10/22/2021 at 8:56 AM, Faicon9493 said:

Looks like another Trump quest for OPM (Other People's Money).

From Heather Cox Richardson:

 

Quote

Meanwhile, business journalists are suggesting that the new Trump media company is not a failure at all, because it was never actually meant to be a media company so much as a way to siphon money out of investors.

Matt Levine in Bloomberg outlines how a vehicle called a special purpose acquisition company (SPAC), which is a publicly traded investment company, is designed to merge with a new company that is not yet public, to allow investment in that SPAC based on expectations of future income thanks to the new company. (Someone explained this to me by saying it’s like a sea slug taking over a shell so it can do business as the shell organism quickly and without oversight.)

In this case, the announcement that the new Trump Media & Technology Group (TMTG) would merge with a SPAC called Digital World Acquisition Corporation (DWAC) sent DWAC’s stock soaring by as much as 160%. It was the most traded stock on the New York Stock Exchange, with more than 260 million shares traded by midday.

The company never has to produce anything. Investors can make money just based on how people think the company might perform—or not—in the future.