(NewsGlobal.com)- Former President Donald Trump’s social media company, Truth Social, is working to go public. Yet, the company that’s purchasing them has already warned investors of Trump’s history of business failures and bankruptcies.
Digital World Acquisition Corp., the company helping Truth Social go public, issued a regulatory filing at the beginning of the week. In it, the company highlighted bankruptcy cases of Trump Castle, Trump Plaza and Trump Taj Mahal. They also outlined past business failures such as Trump Steaks, Trump Vodka and Trump University.
Digital World is trying to merge with the Trump Media and Technology Group, which owns the Truth Social social media platform. Digital World is considered a SPAC, also known as a “blank-check” firm.
If the merger does end up happening, Trump would end up controlling anywhere between 47% to 58% of the newly-formed company, according to the filing done on Monday. In the filing, Digital World Acquisition wrote:
“A number of companies that were associated with President Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt.
“A number of companies that had license agreements with President Trump have failed. There can be no assurances that TMTG will not also fail.
“While all of the foregoing were in different businesses than TMTG, there can be no guarantee that TMTG’s performance will exceed the performance of those entities.”
It may seem odd that the company that wants to merge with Trump’s media company would outline the former president’s past failures. However, they weren’t uncovering anything new, and they were just stating everything out in the open for the public filing. It’s all pretty standard stuff, and nothing that shows the two sides are at odds with each other.
In addition to the warnings about the past business dealings, the filing on Monday revealed that Trump himself committed to posting content on Truth Social a full six hours before he makes a similar post on any other social media platform. The one exception to that rule was “political messaging,” which the former president can post at any time on any platform.
The former president launched Truth Social back in February as a counter to some of the main social media sites, but mainly Twitter. Trump had his biggest following on that platform, but he was permanently suspended from it back in January of 2021.
That ban came after he posted a video on the platform that spoke directly to the rioters of the insurrection at the U.S. Capitol building. In it, he said to them:
“We love you; you’re very special.”
It’s possible that Trump could return to Twitter in the future, though. Elon Musk, the CEO of Tesla who is working on purchasing Twitter for $44 billion, and has said that he thought banning Trump in the first place was a bad idea.
Trump has said in the past that he wouldn’t return to Twitter even if he were allowed to, but many people close to him think that’s not really true.