GRIFTER
Trump’s New Social-Media Investors Didn’t Know He Was Involved When They Loaned $300 Million: Report

Former president Donald Trump’s media venture, Truth Social, could give his new company access to $300 million.
However, some of the investors who funded the venture weren’t aware that Trump would be involved, according to a report from the New York Times.
“The details of Mr. Trump’s latest partnership were vague,” the Times reports. “The statement he issued was reminiscent of the kind of claims he made about his business dealings in New York as a real estate developer. It was replete with high-dollar amounts and superlatives that could not be verified.”
Trump’s partner in the deal is Digital World Acquisition, which is a “special purpose acquisition company,” or SPAC.
“These so-called blank-check companies are an increasingly popular type of investment vehicle that sells shares to the public with the intention of using the proceeds to buy private businesses,” the Times reports. “At the time that investors bought shares in Digital World, it had not disclosed what, if any, companies it planned to acquire. On its website, Digital World said that its goal was “to focus on combining with a leading tech company.” At least one of the investors, Saba Capital Management, did not know at the time of the initial public offering that Digital World would be doing a transaction with Mr. Trump, according to a person familiar with the matter.”
Enjoy this piece?
… then let us make a small request. The New Civil Rights Movement depends on readers like you to meet our ongoing expenses and continue producing quality progressive journalism. Three Silicon Valley giants consume 70 percent of all online advertising dollars, so we need your help to continue doing what we do.
NCRM is independent. You won’t find mainstream media bias here. From unflinching coverage of religious extremism, to spotlighting efforts to roll back our rights, NCRM continues to speak truth to power. America needs independent voices like NCRM to be sure no one is forgotten.
Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure NCRM remains independent long into the future. Support progressive journalism with a one-time contribution to NCRM, or click here to become a subscriber. Thank you. Click here to donate by check.
![]() |