Trump’s Shady Tech Company Raises $1 Billion, Says Serial Liar Trump

Donald Trump’s new tech firm has raised $1 billion from buyers, in response to a press launch from the previous president and a report from CNBC. But there’s no method of independently checking whether or not Trump, a person recognized for mendacity about actually all the things, has really been capable of safe such an enormous sum in a comparatively quick period of time.

“$1 billion sends an important message to Big Tech that censorship and political discrimination must end,” Trump stated in a press release.

“America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech,” Trump continued.

Trump first introduced again in October that he had began an organization referred to as Trump Media and Technology Group (TMTG), which deliberate to launch a social media platform referred to as Truth Social by the primary quarter of 2022. TMTG additionally plans to go public by a particular objective acquisition firm, or SPAC.

The SPAC deal would permit TMTG to merge with a shell firm referred to as Digital World Acquisition Corp., which exists to protect Trump’s tech firm from the traditional varieties of monetary disclosures wanted for a standard IPO.

After the announcement about Truth Social, Trump promised to have a beta-version of the social media platform up and operating by November. But should you check out the calendar, you’ll discover it’s December 6. And there’s no proof {that a} beta-version of the web site has even launched but.

Wall Street has largely been steering away from Trump, in response to CNBC, nevertheless it’s solely attainable that the previous president has raised the cash by rich non-public people. There’s no scarcity of fascists among the many ultra-rich, clearly.

Reuters reported early final week that Trump’s new firm had been attempting to lift cash “by selling shares to hedge funds and family offices at several times the valuation it commanded in a deal with a blank-check acquisition firm in October,” citing two individuals supposedly “familiar with the matter.”

But Reuters notes that Democratic foes of Trump might rake him over the coals if latest statements in Washington are any indication:

Some hedge funds that backed the launch of Digital World, together with Saba Capital Management and Lighthouse Investment Partners, have stated they offered their shares to distance themselves from the Trump deal.

The deal additionally faces regulatory threat. U.S. Senator Elizabeth Warren requested Securities and Exchange Commission Chairman Gary Gensler final month to examine the deliberate merger for potential violations of securities legal guidelines round disclosure. The SEC has declined to touch upon whether or not it plans any motion.

Trump lied about numerous issues as president, however he lied much more whereas in non-public life as a businessman who was consistently shuffling numbers to make himself look wealthy. In truth, it’s probably no single American misplaced extra money within the Nineteen Eighties and 90s than Trump, in response to the New York Times. It was all a shell sport, and there’s completely no purpose to consider Trump’s newest enterprise will exist on any extra secure a monetary footing.

As Spy journal famous in 1991, “A mobster who knew Trump socially said of him once, ‘He’d lie to you about what time of day it is — just for the practice.’” Think of Trump’s newest social media enterprise as observe—observe that would make him a fairly penny.