Arc Capital, a Shanghai based company that has had numerous run-ins with the SEC, is a major backer of tRump’s latest scam, Truth Social (TS). Arc has been accused of misrepresenting their companies to investors and having virtually no products, employees or infrastructure. Their track record includes autonamous drones, a bakery and touch screen technologies all run through shell companies with no noticible footprint. For the interested, there has been a lot of reporting on them by CNBC, Yahoo Finance, The Washington Post and others.
TS originally announced a beta product for November 2021 (Last month, for those keeping score) and there’s been no sign of said product to date. To the surprise of almost nobody, the association with Arc has landed TS in the middle of an SEC investigation about it’s funding. This has most likely put a kink in TS plans for an early 2022 “go live” and leaves Deven Nunes, and his cow, with not a lot to do except answer emberassing questions for the regulators of the world. Of the two, the cow is the more forthcoming.
DWAC, a SPAC, was set up in 2020 right after Trump lost the election to Biden. Coincidence, I think not… Arc owns or has owned 18% of DWAC.
The cast of characters also includes Luis Orleans-Braganza, the CFO of DWAC, who is a member of Brazil’s Parliment, Patrick Orlando, a former employee of Deutsche Bank (Hmmm) and CEO of both DWAC and Yunhong International (Yunhong is, coincidentally, based in Wuhan China). You can’t make this stuff up.
So, to MTG and all the other RWNJ investors in the House, a big serving of “good luck” platters. Not to worry though, tRumps loyal base, who can least afford it, will end up footing the bill.
I am, not surprisingly, not surprised by the “shenanigans”.
Just found this YouTube Clip: