{"id":514266,"date":"2022-11-22T21:59:13","date_gmt":"2022-11-22T18:59:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/shareholder-vote-saves-trumps-truth-social-app-from-possible-shutdown\/"},"modified":"2022-11-22T21:59:13","modified_gmt":"2022-11-22T18:59:13","slug":"shareholder-vote-saves-trumps-truth-social-app-from-possible-shutdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/shareholder-vote-saves-trumps-truth-social-app-from-possible-shutdown\/","title":{"rendered":"#Shareholder vote saves Trump&#8217;s Truth Social app from possible shutdown"},"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-6a3ab701aec27\" 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-6a3ab701aec27\" 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\/shareholder-vote-saves-trumps-truth-social-app-from-possible-shutdown\/#%E2%80%9CShareholder_vote_saves_Trumps_Truth_Social_app_from_possible_shutdown%E2%80%9D\" >&#8220;Shareholder vote saves Trump&#8217;s Truth Social app from possible shutdown&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CShareholder_vote_saves_Trumps_Truth_Social_app_from_possible_shutdown%E2%80%9D\"><\/span>&#8220;Shareholder vote saves Trump&#8217;s Truth Social app from possible shutdown&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Donald Trump\u2019s money-losing <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> Truth <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> has been spared from a possible shutdown in the coming weeks after investors voted to extend a deadline on a deal to give the company a major cash injection.<\/p>\n<p>More than 65% of investors in Digital World Acquisition Corp. \u2014 the blank-check company that has agreed to acquire Truth Social \u2014 voted Tuesday to give the merger until September 2023 to close. <\/p>\n<p>The fledgling social network will be forced to raise additional cash to keep operating in the meantime, during which the so-called special-purpose acquisition company, or SPAC, will seek approval from the Securities and Exchange Commission for the deal, sources told The Post.<\/p>\n<p>Shares of DWAC \u2014 which had plummeted from roughly $28 per share to $22 per share after Donald Trump announced his candidacy for president last week \u2014 rose more than 10% to $24 per share on Tuesday.<\/p>\n<p>The deal\u2019s extension is a financial relief for Trump, who owns a 90% stake in Truth Social. If the SEC clears the deal, it will infuse the money-losing social network with $1.25 billion in cash.<\/p>\n<p>But Truth Social also could complicate his presidential campaign after Elon Musk over the weekend gave the nod to reinstate Trump\u2019s Twitter account. <\/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\/donald-trump-08.jpg?w=1024\" alt=\"DWAC stock popped nearly 10% on news the deadline to close the deal had been extended.\" class=\"wp-image-24749884\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-08.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-08.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-08.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>DWAC stock popped nearly 10% on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> that the deadline to close the deal had been extended.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>That\u2019s because Trump\u2019s contract with Truth Social reportedly requires that he make any social media posts available exclusively on Truth Social for eight hours before posting them on another network.<\/p>\n<p>The vote came just days after Trump won a poll posted by Twitter CEO Elon Musk asking if the ex-president\u2019s account should be reinstated. Trump encouraged his Truth Social followers to vote after Musk posted a Twitter poll Saturday evening in which Trump prevailed. <\/p>\n<p>Nevertheless, Trump later assured his Truth Social audience he saw no reason to go back to Twitter, saying, \u201cdon\u2019t worry, we aren\u2019t going anywhere,\u201d and, \u201cTruth Social has taken the place for a lot of people and I don\u2019t see them going back onto Twitter.\u201d Indeed, experts say a reactivation of Trump\u2019s Twitter account could be seen as devaluing his Truth Social presence, opening him up to legal liability.<\/p>\n<p>\u201cIf it\u2019s going to look, later on, that he never had that intention [of remaining off Twitter] but he just wanted to convince people that they should go ahead and close [the SPAC deal] that\u2019s kind of a textbook securities fraud lawsuit,\u201d Columbia Law School professor Eric Talley <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/11\/02\/2022\/donald-trumps-quest-to-build-a-new-twitter-would-complicate-a-return-to-the-old-one\">told Semafor<\/a>.<\/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\/donald-trump-07.jpg?w=1024\" alt=\"Donald Trump\" class=\"wp-image-24749882\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-07.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-07.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/donald-trump-07.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Last week Trump announced his candidacy for president.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Last year, the SEC launched a probe\u00a0into whether DWAC\u2019s founders had advance knowledge\u00a0of its target company before listing its shares in September 2021 \u2014 a violation of securities laws. The commission needs to drop its investigation before the deal can be consummated.<\/p>\n<p>The vote comes after Patrick Orlando, the CEO of DWAC, took desperate measures to keep the deal alive, The Post reported last week. Orlando had called investors with as few as 20 shares each to urge them to vote for the deal after being forced to reschedule the vote six times, sources said.<\/p>\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.\u00a0<\/p>\n<p>Given that the deal continues to overcome hurdles, insiders say they are optimistic it will eventually get done. <\/p>\n<p>\u201cI just wouldn\u2019t bet against Trump,\u201d Matthew Tuttle, chief executive of Tuttle Capital,\u00a0told The Post. \u201cHis supporters are rabid.\u201d\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 News 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\/22\/shareholder-vote-saves-trumps-truth-social-app-from-possible-shutdown\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Shareholder vote saves Trump&#8217;s Truth Social app from possible shutdown&#8221; Donald Trump\u2019s money-losing app Truth Social has been spared from a possible shutdown in the coming weeks after investors voted to extend a deadline on a deal to give the company a major cash injection. More than 65% of investors in Digital World Acquisition Corp&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":514267,"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-07.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[136003,4941,5007,4976,71359],"class_list":["post-514266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-22-22","tag-donald-trump","tag-ipo","tag-social-media","tag-spac"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514266","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=514266"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514267"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}