Earlier this year, former President Donald Trump gave the Big Tech social media world a serious jolt when he announced he made good on his promise to take them on by launching his own social media network, known as TRUTH Social.
But according to Business Insider, it appears as if the former president is already facing a series of ridiculous roadblocks in his quest to disrupt the social media space, as it was reported that his new company is already under investigation by the US Securities and Exchange Commission (SEC), and other regulatory agencies.
It should be noted upfront that there is no allegation of wrongdoing or criminal conduct, whatsoever — an important fact that seems to be conveniently buried in most of the mainstream media’s reporting of the development.
“The inquiry should not be construed as an indication that FINRA has determined that any violations of Nasdaq rules or federal securities laws have occurred,” a statement read. “According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security.”
What’s going on?
News of the investigation came about after The New York Times reported on a report filed with the SEC concerning the special purpose acquisition company (SPAC) involved with making a deal with Trump’s tech company.
The SPAC, known as Digital World Acquisition Corp. (DWAC), will merge with Trump Media & Technology Group Corp. (TMTG), the former president’s new company.
So far, what is known is that the SEC wants to know more about the SPAC’s board of directors, as well as the group’s “policies and procedures relating to trading.” The SEC is also curious about the identity of some f the investors, and communications between TMTG and DWAC.
Rep. Marjorie Taylor Greene (R-GA), one of Trump’s loudest supporters in Congress, is known to be at least one of the SPAC’s investors.
Big deals lined up
The investigation reportedly began in November, shortly after it was announced that Trump — not surprisingly — had already lined up a staggering $1 billion in investments to get the project off the ground, as Business Insider reported at the time.
“America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology,” the former president announced last month, generating a massive wave of excitement from his tens of millions of supporters across the country.
Trump added: “$1 billion sends an important message to Big Tech that censorship and political discrimination must end.”
His new social media platform is expected to launch sometime in 2022.