Trump’s Truth Social merger partner changes address to a UPS store after investors pull $130 million
The company looking to take Trump Media and Technology Group public has changed its listed address to a UPS store in Miami, CNBC reports.
Digital World Acquisition Corp (DWAC) changed its address came with its regulatory filing on Friday disclosing its financing losses of $138.5 million of the $1 billion in financing it got from investors to fund Trump Media.
“One of the former private investors told CNBC that it pulled financing from DWAC because of the many legal obstacles facing the company. The investor, who declined to be named due to the sensitive nature of the matter, was also underwhelmed by the popularity of Trump Media’s Truth Social app as measured by Donald Trump’s follower counts,” CNBC’s reports stated.
“Trump had more than 80 million followers on Twitter. On Truth Social, which he founded after he was banned from Twitter following the Jan. 6, 2021 Capitol riot, he has 4.1 million. The app is also currently barred from the Google Play store.”
Trump Media and DWAC are currently under investigation by the Securities and Exchange Commission into whether negotiations between the companies before the merger violated securities laws.
Read the full report at CNBC.