As you have probably heard before, Donald trump announced Wednesday evening that he would be launching his own social media network, the embarrassing name TRUTH Social. For those of you who are scratching your heads and wondering, but wait, hasn’t Trump already started a new social media company? you’re probably thinking (1) of one of the right-wing networks tangentially associated with the ex-president, like Gab, Parler, or Gettr, or (2) something called “From the Desk of Donald J. Trump”, the blog that posted Trump’s comments and was closed after just a month because it had almost no readers.
Obviously, the lack of readers shocked the former president, who has spent much of the past decade tweeting every deranged thought that came through his mind, of “I would like to send my best wishes to everyone, even to enemies and losers, on this special date September 11 “to” NEVER, NEVER THREAT THE UNITED STATES AGAIN OR YOU WILL SUFFER AS LITTLE THROUGH HISTORY HAVE NEVER SUFFERED “to” An “extremely credible source Called my office and told me that @BarackObama’s birth certificate is a fraud. Unfortunately for Trump, his ban on Twitter, for inciting insurgency, remains in effect. Hence the Social TRUTH.
Like most of Trump’s initiatives, TRUTH Social is incredibly vile and embarrassing. On the one hand, even before its launch, by The Washington Post, patriotic pranksters were able to find a seemingly unseen version and post “a photo of a pig defecating on the ‘donaldjtrump’ account”, causing it to be taken offline. On the other hand, the conditions of use of the network require users to refrain from “excessive use of capital letters”, which is to say the only way Donald Trump knows how to type. Then there is also the fact that TRUTH Social, presented as a vehicle for “stand[ing] up to the tyranny of the Big Tech, “which conservatives say hates free speech, prohibits users from saying anything to” denigrate, tarnish or harm, in our opinion, us and / or the Site ”. Meanwhile, the whole thing is basically a crappy version of Twitter. Speak To post:
So yes, the whole thing already looks like a big flop that will undoubtedly have very few users, and Trump himself will likely miss the app and only post there sporadically. But in this case, it doesn’t really matter, and Trump might have found a way to make millions despite the product being a joke. How? ‘Or’ What? We’re glad you asked!
TRUTH Social is formed by the merger of a new company created by Trump, the Trump Media & Technology Group, and a specialist acquisition company, aka SPAC. PSPCs, which are all the rage these days for reasons that will soon become clear, are shell companies listed on exchanges like the NYSE or the Nasdaq and exist for the sole purpose of merging with companies that wish to go public. , such as the Trump Media & Technology group. In this case, the SPAC TMTG will merge with is called Digital World Acquisition Corp., which is run by a guy named Patrick Orlando, a former investment banker who once co-founded a sugar trading company. Like Axios Dan Primack tweeted this morning, “Trump social media SPAC filed documents with the SEC this morning, but again this is just the press release.” Nothing substantial, including management etc. So far it’s a shell that buys a shell. Normally that would be quite embarrassing for a business, but in this case, due to the SPAC of all of this, plus the particularly gullible Trump supporters, it doesn’t matter.
Like Bloomberg Matt Levine writing :