{"id":511832,"date":"2022-11-17T23:34:29","date_gmt":"2022-11-17T20:34:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ceo-behind-trumps-truth-social-ipo-begs-small-investors-for-support-source\/"},"modified":"2022-11-17T23:34:29","modified_gmt":"2022-11-17T20:34:29","slug":"ceo-behind-trumps-truth-social-ipo-begs-small-investors-for-support-source","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ceo-behind-trumps-truth-social-ipo-begs-small-investors-for-support-source\/","title":{"rendered":"#CEO behind Trump&#8217;s Truth Social IPO begs small investors for support: source"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c68d92fb92\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c68d92fb92\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ceo-behind-trumps-truth-social-ipo-begs-small-investors-for-support-source\/#%E2%80%9CCEO_behind_Trumps_Truth_Social_IPO_begs_small_investors_for_support_source%E2%80%9D\" >&#8220;CEO behind Trump&#8217;s Truth Social IPO begs small investors for support: source&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CCEO_behind_Trumps_Truth_Social_IPO_begs_small_investors_for_support_source%E2%80%9D\"><\/span>&#8220;CEO behind Trump&#8217;s Truth Social IPO begs small investors for support: source&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The boss of the company looking to take Donald Trump\u2019s Truth <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> public has personally been canvassing small retail investors in a desperate bid to keep the deal alive, The Post has learned.<\/p>\n<p>Patrick Orlando, CEO of Digital World Acquisition Corp., has been picking up the phone and calling investors with as few as 20 shares each to urge them to vote for the deal, according to sources close to the situation. <\/p>\n<p>Orlando \u2014 who has been forced to reschedule the vote six times \u2014 now believes he has the votes to consummate the merger, these people add. Orlando reportedly has scheduled a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ipo-edge.com\/ceo-of-trumps-truth-social-partner-dwac-to-join-fireside-just-before-key-vote-tues-at-1130-et\/\">live interview with the IPO Edge media service<\/a> for Nov. 22 \u2014 the day of the shareholder vote. <\/p>\n<p>Orlando previously put $3 million into the deal in September to keep\u00a0DWAC from liquidating after failing to get a vote approving the\u00a0extension. If he doesn\u2019t win the Nov. 22 vote, Orlando could deposit another $3 million\u00a0by Dec. 8 to keep DWAC operating another three months as it waits for SEC approval to buy Truth Social.<\/p>\n<p>If the deal is approved by shareholders and the SEC finally clears it, it will infuse the money-losing social network with $1.25 billion in cash. Voting for the deal is also in shareholders\u2019 interest: DWAC\u2019s shares are trading above $20 and they would receive just $10 each if the deal is liquidated. <\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/truth-social-donald-trump.jpg?w=1024\" alt=\"truth social\" class=\"wp-image-24693389\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/truth-social-donald-trump.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/truth-social-donald-trump.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/truth-social-donald-trump.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Truth Social\u2019s future is uncertain, sources told The Post.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>It\u2019s in Trump\u2019s interest, too: Faced with a Twitter ban and increasing disinterest from TV networks, Truth Social may be his best platform as he mounts a 2024 presidential bid.<\/p>\n<p>Nevertheless, Trump has\u00a0backed away from promoting Truth Social\u2019s merger. Late last year, the Securities and Exchange Commission launched a probe into whether DWAC\u2019s founders had advance knowledge\u00a0of its target company before listing its shares in September 2021 \u2014 a violation of securities laws. Insiders believe Trump, already under investigation over the Jan. 6 riots, wants to avoid yet another fight with the feds. <\/p>\n<p>That presents a tough climb for DWAC, which needs 65% of shareholders to approve extending the merger deadline.<\/p>\n<p>A spokesperson for DWAC did not respond to a request for comment.<\/p>\n<p>\u201cDWAC is unlike any other SPAC out there,\u201d Matthew Tuttle, chief executive of Tuttle Capital Management, told The Post. \u201cOther SPACs typically have investors who know the deal inside out whereas DWAC has a majority of investors with just 50 or 100 shares.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/patrick-orlando-truth-social-01.jpg?w=1024\" alt=\"Patrick orlando\" class=\"wp-image-24693850\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/patrick-orlando-truth-social-01.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/patrick-orlando-truth-social-01.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/patrick-orlando-truth-social-01.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>DWAC honcho Patrick Orlando has called investors with as few as 20 shares to ask them to approve the deal, The Post has learned.<\/figcaption><figcaption><span class=\"credit\">DWAC<\/span><\/figcaption><\/figure>\n<p>SPACs are shell companies that raise money in the public markets and then use that money to merge with a private company and take it public.\u00a0If the SPAC can\u2019t consummate a deal, it must return all the funds to investors. <\/p>\n<p>As the clock is ticking toward the liquidation date, the likelihood of getting the deal done decreases. Trump has also previously considered merging Truth Social with other conservative \u201cfree speech\u201d platforms like Rumble and Parler. <\/p>\n<p>\u201cWhen people get proxies in the mail, they throw it out, when they get calls from proxy firms, they ignore it,\u201d a source close to the situation said. \u201cIt\u2019s difficult to get retail shareholders to follow through \u2014 this is far beyond hiring a proxy firm.\u201d <\/p>\n<p>Elsewhere, in a less positive sign, regulatory filings revealed on Wednesday that DWAC board member Justin Shaner was quitting the board.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/17\/ceo-behind-trumps-truth-social-ipo-begs-small-investors-for-support-source\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;CEO behind Trump&#8217;s Truth Social IPO begs small investors for support: source&#8221; The boss of the company looking to take Donald Trump\u2019s Truth Social app public has personally been canvassing small retail investors in a desperate bid to keep the deal alive, The Post has learned. Patrick Orlando, CEO of Digital World Acquisition Corp., has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-patrick-orlando-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135705,4941,5007,88271,4976,71359],"class_list":["post-511832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-17-22","tag-donald-trump","tag-ipo","tag-shareholders","tag-social-media","tag-spac"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511832"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511833"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}