Digital World (DWAC) and Trump Media and Technology Group (TMTG) Now Have Less Than 2 Weeks To Potentially Cancel Their Merger
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With Trump's net worth having grown by around $400 million since leaving office, or around 4 times the current net value of Trump Media and Technology Group (TMTG), the fate of the battered merger agreement between TMTG and the SPAC Digital World (DWAC) is of scant importance to the former US President in the greater scheme of things, especially as the $1 billion windfall from the deal has all but evaporated. Nonetheless, TMTG's Truth Social platform can still serve an important purpose should Trump win the US Presidency in 2024, hence the unabated interest in the fate of this marooned merger agreement.
The former US President Trump retains a 90 percent stake in the Trump Media and Technology Group, the entity that controls the Truth Social - a platform that aims to emulate Elon Musk's X-branded social media behemoth.
Truth Social is often considered Trump's personal echo chamber, and for good reason. At launch, the platform was targeting an audience of 81 million users by 2026. Today, as we are heading toward the close of 2023, the platform can only boast of around 6.5 million users.
The Truth Social app uses a Soapbox frontend and a customized, open-source version of Mastodon at its backend. In December 2021, the platform tapped the online video platform Rumble to provide video hosting services.
Truth Social is currently slated to go public via a reverse merger with the Special Purpose Acquisition Company (SPAC), Digital World Acquisition Corp. (DWAC). However, the consummation of the merger agreement between the two entities has been facing inordinate delays amid an onslaught of
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