Top Trump Media Executive Predicts Truth Social Owner Will Go Bankrupt

Digital World Acquisition Corp., (DWAC) the company that was set to buyout Trump Media and Technology Group (TMTG), the owner of nascent Twitter competitor Truth Social, has once again extended the deadline for a shareholder vote to extend the deadline for a year. This would give time for a long regulatory review.

The company needs 65% of shareholders to vote in favor of approving the deadline for an entire year, but CEO Patrick Orlando has used his executive power to adjourn and delay the meeting no less than four times. The next one is scheduled for November 3. The move is meant to delay a forced liquidation of DWAC the Special Purpose Acquisition Company, or SPAC, which will not be popular with the shareholders who did vote in favor of the extension.

This is a big deal, because if the company can’t get more shareholders on board with the merger, many Trump fans have posted on Truth Social and Reddit that they have invested in DWAC (several said they put their life savings into the company). The stock, surprisingly, still trades at close to $17/share, almost 70% over its liquidation value of $10/share. However, it is not even one-tenth of its high of $175/share which was hit on October 22 last year.

In addition, investors in public equity financing, with the moniker PIPE, had pledged to pump $1 billion into TMTG, and some have already given termination notices that they were pulling their commitment to about $139 million previously pledged.

A top executive at TMTG, SVP William Wilkerson (now “permanently suspended”), filed a whistleblower complaint in August alleging securities violation. “One way or another, this company is going to go bankrupt,” he told the Miami Herald. “I don’t think the company is going to be approved by the SEC.”

Indeed, the transaction is undergoing both a criminal investigation and an SEC probe into possible securities violations relating to conversations that went on before the merger was announced. TMTG recently stated they were exploring legal action against the SEC for delaying the deal.

Meanwhile, the drama continues at Twitter as the trial to force Elon Musk to close on his acquisition of the company was delayed until October 28, with the judge telling both parties if the merger isn’t consummated by that date he will then schedule a trial date for November. It is speculated that the company will have a less onerous policy of suspending or banning people with unpopular views under Mr. Musk’s leadership.

Back in April, Mr. Musk tweeted, “I hope that even my worst critics remain on Twitter, because that’s what free speech means.” It’s believed that once the transaction closes, Musk will allow those who have banned from the platform to reactive their accounts.

This includes former President Donald Trump, who was “permanently suspended” from Twitter, as well as being pulled down from Instagram, Facebook, and Snapchat after the Capitol riot on Jan. 6, 2021. However, after complaining bitterly about the bans in the past, he stubbornly is now taking the position that he won’t come back to Twitter even if asked to do so, preferring to post on his own social media platform Truth Social. Truth Social Posts by Trump today include:

· BRING BACK COLUMBUS DAY!

· Link to OAN story “President Trump Blasts Speaker Pelosi For Stock Trading”

· Link to “Trump boosts @KariLake, @blake Masters at massive Arizona rally

· Congratulations to @RepTroyNehls on his book, The Big Fraud: What Democrats Don’t Want You to Know about January 6, the 2020 Election, and a Whole Lot Else, just going to #1 on Amazon. Troy is a great Congressman and Patriot who only speaks the TRUTH—the 2020 Election was, indeed, a Big Fraud!

· It was my great honor to have destroyed the ratings of Late Night “Comedy” shows. There is nothing funny about the shows, the three hosts have very little talent, and when Jimmy Fallon apologized for having humanized “Trump,” and his ratings soared, the Radical Left forced him to apologize—that was effectively the end of The Tonight Show. In any event, congratulations to Greg Gutfield!