cross-posted from: https://lemmy.ml/post/13470219

Trump Is in Line for a $3.5 Billion Windfall From Stake in Truth Social

If the SPAC is approved this week, he could potentially use the stock as collateral to get a bond and avoid having properties seized or declaring bankruptcy by next week’s deadline.

  • dhork@lemmy.worldEnglish
    16·
    8 months ago

    He’s not really taking Truth Social public, though. He is letting it be acquired by DWAC, whose sole purpose for existing is to acquire Truth Social. DWAC is public, and has been pumped hard by Trump supporters thinking it will make them rich.

    As far as I can tell, his plan is to have DWAC acquired it at an insanely high valuation, cashing himself out at their expense. his fans who invested heavily will be left holding the bag… And will likely still vote for him!