Truth Social, the SEC and Democracy - Part 2
Truth Social, the SEC and Democracy - Part 2
Part 2 of 3
Read Part 1
It’s common knowledge that Trump’s track record is a stunning collection of bald-faced lies and dramatic business failures.
The serial con-man who boasts about his numerous bankruptcies and calls himself the “king of debt” leaves in his wake a trail of stiffed contractors and defrauded customers. Consider the short-lived Trump University that just as easily could have been called Scam U.
Enter the era of blank-check companies, aka SPACs (Special Acquisition Companies). These outfits are shell companies designed to raise investor money for unspecified clients in order to take the client’s operation public. But before that can occur, SPACs need to merge with the client’s business, which can only happen with approval from the SEC (Securities and Exchange Commission) - the regulatory agency meant to protect the country from financial fraud and misleading information. Digital World Acquisition supposedly approached Trump in 2021 after he was booted off Twitter and had launched his Truth Social platform.
What could go wrong? It turns out plenty. In our next post, learn why this deal has been called “controversial” and “messy.
Read Part 3 of this story.
Post submitted by Barbara Holzer, a volunteer with The Union
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