Digital World Acquisition Corp. aims to take the parent company of Donald Trump's Truth Social public.
The company has been looking to garner the necessary 65% shareholder support to extend the Trump Media merger deadline to September 2023.This illustration photo shows Donald Trump's new social media app Truth Social's logo on a smartphone in Los Angeles, February 21, 2022..
DWAC has previously failed to get the necessary votes from its large swath of retail investors. The meeting was. DWAC CEO Patrick Orlando initiated a built-in extension with a $2.8 million contribution from his company Arc Global Investments II. The company could liquidate next month if it can't get a merger extension.
The stakes of the vote were particularly high for some of the former president's supporters, who shared on Truth Social and Reddit that they've invested thousands of dollars in DWAC in a nod of support for the platform. The former president previously said he could take the company private. Internal documents have shown that Trump Media also considered mergers and partnerships with other right-wing-friendly platforms, including Rumble and Parler.
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