Digital World Acquisition Corp., the company planning on merging with the Devin Nunes-run Trump Media & Technology Group to run Truth Social, Donald Trump’s underperforming Twitter rip-off, advised stockholders this week that the success of the merger is at risk because it depends on Trump’s personal legal, political and public relations problems being resolved, the Washington Post reports.
In a notice to shareholders announcing a September 6th special meeting, DWAC noted that its planned merger with TMTG will hinge on how Trump manages his current troubles. In a paragraph printed in bold to get readers’ attention, the company said in its shareholder announcement, “The success of the Business Combination depends in part on the popularity of TMTG’s brand and the reputation and popularity of its Chairman, President Donald J. Trump. The value of TMTG’s brand may diminish if the popularity of President Trump were to suffer. Adverse reactions to publicity relating to President Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base, as well as the outcome of the proposed Business combination.”
Trump’s Truth Social is roundly regarded as a flop: it has just two million registered users with only 500,000 using the platform regularly. Its reputation as a “free speech platform” has been shattered by reports of posts critical of Trump, his family, his presidency and his ongoing legal issues being deleted, demonstrating that it’s simply an echo chamber for MAGAts. The platform has no plan for generating revenue, nor does it have sufficient high-profile users to generate interest outside of people who are tracking the batshittery posted by Trump lackeys.
DWAC recognizes that the billion-dollar merger plan, which skyrocketed the company’s stock to a high of $175 per share before plummeting to $27 per share as of Friday’s close, has been jeopardized given that Trump is in serious legal jeopardy for various things, with at least six civil or criminal investigations pending.
“While TMTG believes there is sufficient demand for a true free speech platform, the image, reputation, popularity and talent of its Chairman, President Trump will be important factors to its success. … [A]ccording to a survey published in The New York Post, only 60% of Republicans would use such a platform. In order to be successful, TMTG will need millions of those people to register and regularly use TMTG’s platform,” DWAC says in SEC sanitized language, translated as, If Trump goes to jail, we’re all fucked. “If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, TMTG’s results of operations, as well as the outcome of the proposed Business combination, could be adversely affected.”
Now, rational people note that any business is destined to fail when it relies on the “reputation” and “credibility” of a thrice-divorced, adulterous reality TeeVee performer who has bankrupted no fewer than six businesses who stole government property, tried to undermine the Constitution, and stoked a violent attack on Congress–not to mention being credibly accused of dozens of claims of sexual harassment, abuse and child sex trafficking. But DWAC apparently had to find that out the hard way.