There have been several posts here at Daily Kos on Trump’s attempts to cheat his partners and rake in big bucks by selling his twitter clone Truth Social to another company. IMHO, Kevin Drum cuts to the chase in simple language that’s worth a look:
Here’s how it starts:
You have questions. I have answers.
Question: What is DWAC?
Answer: DWAC is a SPAC.
Q: Thanks a ton.
A: I just had to get that out of my system. A SPAC is a Special Purpose Acquisition Vehicle—a big pile of money that does nothing, but is nonetheless traded on the stock market. Eventually, a SPAC buys some private company and bingo, the private company is public.
Q: Swell. And DWAC?
A: DWAC stands for Digital World Acquisition Corp. It went public in September 2021 with $1 billion in investor commitments. In October, DWAC announced that it planned to merge with Donald Trump's media company, whose main asset is Truth Social, Trump's personal Twitter clone.
Drum gets into the details, how Trump is trying to rip off his partners in “TS”, which by coincidence could also stand for “tough sh*t”, but I digress. Drum adds a lot of additional info — as in how the value of TS is highly inflated, how there’s several lawsuits, how where the money is coming from is more than a little skeevy, some SEC action, and what the likely result is down the road.
It’s a very Trump business model, and if it seems crazy on the face of it, well here we are. How it ends? We’ll know after November.