The blank-cheque company set to merge with Donald Trump’s social media start-up has warned shareholders that its plan to “cancel ‘cancel culture’” faces risks because of the former president’s history of business bankruptcies.
Depending on how many investors decide to go through with the deal, Trump would control between 47 and 57 per cent of Trump Media & Technology Group after it merges with Digital World Acquisition Corporation, according to a registration statement filed with the Securities and Exchange Commission on Monday.
Users of the company’s flagship service, Truth Social, will have access to the former president’s social media posts at least six hours before they appear on other platforms, according to the filing. The exclusivity deal, part of a wide-ranging agreement governing the new venture’s relationship with Trump, does not apply to political messaging or “get-out-the vote” efforts.