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Trump 'tried to sell Truth Social to Musk' as SPAC deal stalled
(www.theregister.com)
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this post was submitted on 13 Mar 2024
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Faced with mounting legal troubles and a sputtering special purpose acquisition company (SPAC) deal, former president Donald Trump reportedly turned somewhere unexpected last year to offload his flailing social media platform, Truth Social: X owner and Tesla technoking Elon Musk.Ostensibly a place for freer speech than Twitter, Truth Social launched in 2022 with plans to take the platform public as soon as possible through a sale to a SPAC formed for the purpose, Digital World Acquisition Corp (DWA).
The deal has yet to close, with the US Securities and Exchange Commission heavily criticizing the use of a Chinese firm to develop DWA.
By September 2022 Trump Media and Technology Group (TMTG), parent company of Truth Social, had threatened to sue the SEC for delaying the TMTG/DWA merger.
We received no response from either party, while The WaPo was told by TMTG that "We heard Trump and Musk were actually discussing buying the Washington Post but they decided it had no value."
Trump, who would hold more than half the shares of the combined company, would reportedly stand to raise his net worth by some $4 billion - more than enough to handle those legal problems without Musk's help.
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