{"id":2022824,"date":"2023-09-05T21:41:05","date_gmt":"2023-09-06T01:41:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shareholder-vote-gives-trump-a-big-truth-social-win\/"},"modified":"2023-09-05T21:43:29","modified_gmt":"2023-09-06T01:43:29","slug":"shareholder-vote-gives-trump-a-big-truth-social-win","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shareholder-vote-gives-trump-a-big-truth-social-win\/","title":{"rendered":"Trump&#8217;s Truth Social secures major victory in shareholder vote."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fshareholder-vote-gives-trump-a-big-truth-social-win%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2022824&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Shareholder Vote Gives Trump a Big Truth \u200dSocial Win<\/h2>\n<p>Donald Trump may\u2064 be one of the biggest politicians on the scene, with some of \u2062the most virulent supporters of any of them, yet even he has had trouble keeping his Twitter-like Truth Social in the black.\u2062 But a \u200cnew vote among shareholders has handed Trump\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/big-tech-under-more-fire-for-removing-president-trumps-accounts\/\" title=\"Big Tech under more fire for removing President Trump\u2019s accounts\">social media company<\/a> a big victory \u200band \u2063brought it back from the precipice.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/big-tech-will-rage-donald-trumps-new-truth-social-amasses-colossal-war-chest\/\" target=\"_blank\" rel=\"noopener\">Truth Social<\/a> has been working to go public, so that private people can invest in\u2064 the company, but it has been experiencing some\u200b troubles getting the \u200bdeal \u200ddone. On\u200c Tuesday, the social media group faced a crucial vote \u2062that could have spelled\u200c doom if it went the wrong \u2062way.<\/p>\n<p>The merger of Trump Media &#038; Technology Group and Miami-based special-purpose acquisition company Digital World Acquisition Corporation \u2063faced a crucial shareholder vote on Tuesday. Either shareholders were to vote to\u2062 extend \u2063the deadline to complete the stalled merger, or Digital \u200cWorld Acquisition \u2064Corporation \u200bwould be forced to liquidate \u200cand return the $300 million it had raised for its attempt, <a href=\"https:\/\/www.forbes.com\/sites\/maryroeloffs\/2023\/09\/03\/will-trumps-social-network-go-public-truth-socials-parent-faces-looming-deadline-this-week\/?sh=4bf79e5429f8\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> reported.<\/p>\n<p>If the latter happened and DWAC folded, it would prevent <a href=\"https:\/\/www.westernjournal.com\/trump-announces-social-media-platform-coming-soon\/\" target=\"_blank\" rel=\"noopener\">Truth Social<\/a> \u2063 from going public, and that would have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/shareholder-vote-gives-trump-a-big-truth-social-win\/\" title=\"Trump's Truth Social secures major victory in shareholder vote.\">meant continuing funding issues<\/a>.<\/p>\n<p>Digital World needed\u2063 65 percent or more of its 400,000 shareholders to cast their vote before Friday \u200cto extend the merger deadline and, according to \u2062 <a href=\"https:\/\/www.axios.com\/2023\/09\/05\/trump-vote-victory-truth-social-dwac\" target=\"_blank\" rel=\"noopener\">Axios<\/a>, the vote was in Truth Social\u2019s favor.<\/p>\n<p>One problem the DWAC faced is that most \u200dof its shareholders\u200d are small investors who \u2063likely invested in Truth Social because they are fans of the former president, \u200bForbes reported. DWAC went all in on a campaign to alert the shareholders to the \u2064vote for fear that most of them were not even aware of how crucial the vote was supposed to be.<\/p>\n<p>Showing the troubles\u200c the merger has faced, it is\u2062 already the second time that\u2062 the one-year deadline was extended, Axios reported.<\/p>\n<p>DWAC\u2019s shares climbed after Tuesday\u2019s news, but it is \u200cstill lower than\u200d it was at its height.<\/p>\n<h3>Do you use Truth Social?<\/h3>\n<ul>\n<li>Yes<\/li>\n<li>No<\/li>\n<\/ul>\n<p>The merger \u2064has been troubled \u200bas federal SEC \u2063regulators slapped them with an \u200c$18 \u200dmillion penalty after the agency accused the company of having backroom talks with TMTG ahead of the merger, which is a violation of the \u2064law. A \u2064former member\u2064 of DWAC\u2019s board was also recently arrested \u200dand charged with insider \u200dtrading,\u2064 which put further pressures on the company\u2019s stock.<\/p>\n<p>Also, Digital World\u2019s former CEO, Patrick Orlando, was removed\u2064 by \u200dthe board because the merger with Truth Social has faced such a rocky road, <a href=\"https:\/\/www.cnbc.com\/2023\/03\/22\/trump-linked-digital-world-acquisition-corp-fires-ceo.html\" target=\"_blank\" rel=\"noopener\">CNBC<\/a> reported in March.<\/p>\n<p>Despite having a strong launch, <a href=\"https:\/\/www.westernjournal.com\/google-wont-let-trumps-app-store-allow\/\" target=\"_blank\" rel=\"noopener\">Truth Social<\/a> has struggled to grow\u200b since its <a href=\"https:\/\/www.westernjournal.com\/first-users-hit-trumps-truth-social-beta-testing-yall-going-love\/\" target=\"_blank\" rel=\"noopener\">launch<\/a> in February 2022.<\/p>\n<p>The \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-navy-pay-delays-causing-some-sailors-to-rely-on-loans\/\" title=\"Report: Navy Pay Delays Causing Some Sailors to Rely on Loans\">social media site reportedly<\/a>\u200b has about 10.1 million visits, according to web traffic analysts at <a href=\"https:\/\/www.similarweb.com\/website\/truthsocial.com\/#overview\" target=\"_blank\" rel=\"noopener\">Similarweb<\/a>. But \u2063as Forbes noted X, formerly known as Twitter, has \u20626.5\u2064 billion \u2062visits, and Facebook has\u2064 17.4\u2062 billion, meaning Truth is \u2064tiny.<\/p>\n<p>Forbes also noted that Truth Social has lost value.<\/p>\n<p>\u201cWe estimated Trump\u2019s net worth at $2.5 \u200dbillion in\u2064 April. That\u2019s a roughly $700 million decline from last fall, largely because his social\u200b media business has fallen,\u201d the outlet\u2062 reported.<\/p>\n<p>All this doesn\u2019t mean that \u2063the\u2063 merger will be successful, and its rocky history is not a great sign. But Truth \u2062Social really needs this merger for an infusion of cash. If the\u2064 merger is successful, DWAC \u2064will be able to give Truth Social a $300 million cash\u200c infusion, according to <a href=\"https:\/\/www.marketwatch.com\/story\/trumps-truth-social-merger-with-spac-wins-1-year-reprieve-with-shareholders-vote-c46f5ec5\" target=\"_blank\" rel=\"noopener\">Market Watch<\/a>.<\/p>\n<p>DWAC has reiterated its\u2062 dedication to the merger.<\/p>\n<p>\u201cWe believe in the \u200dvalue and prospects we bring to the table and to\u200b a true democracy in the United States, and with the continued support of our shareholders, we can navigate this\u2062 challenge successfully and potentially complete the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/youtube-competitor-rumble-announces-major-step-in-merger-with-spac\/\" title=\"YouTube Competitor Rumble Announces Major Step in Merger With SPAC\">proposed business combination<\/a> with Trump Media\u200c and\u200d Technology Group\u2063 Corp., which we know so many of our stockholders believe in,\u201d DWAC Chief Executive Eric Swider wrote to shareholders in late August, Market Watch noted.<\/p>\n<p>Regardless, the victory \u2064DWAC\u2019s shareholders\u200c delivered \u2062on Tuesday was a shot\u200d in the arm for <a href=\"https:\/\/www.westernjournal.com\/trump-returning-twitter-one-minor-detail-may-signal-45s-epic-comeback-platform\/\" target=\"_blank\" rel=\"noopener\">Trump\u2019s social \u200bmedia<\/a> \u2064 group.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/shareholder-vote-gives-trump-big-truth-social-win\/\">Shareholder Vote Gives Trump a Big\u200c Truth Social Win<\/a> \u200dappeared first\u200d on \u2064 <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump, a prominent politician with fervent supporters, faced challenges in making his Truth Social profitable. However, a recent shareholder vote has granted his social media company a significant triumph, propelling it forward.<\/p>\n","protected":false},"author":180,"featured_media":2022825,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2022824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/180"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2022824"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2022824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2022825"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2022824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2022824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2022824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}