The new company will trade on the Nasdaq under the symbol TMTG. As with all SPACs, we won’t be seeing DWAC stock after the merger.
Digital World Acquisition was incorporated in early 2021, just shortly after Trump was confirmed to have lost the 2020 election. According to a U.S. Securities and Exchange Commission filing, the company currently holds $293 million in trust which it intends to put toward helping TMTG scale.
ARC Capital is one of the largest shareholders so far with an 18% stake in the SPAC. Two of the company’s primary stakeholders are fellow asset management firms D.E. Shaw and Saba Capital Management. The list also includes Highbridge Capital Management and Lighthouse Investment Partners. Shaw’s stake is roughly 8%.
This venture isn’t technically that new. According to The Verge, TMTG was registered in February 2021 in the state of Delaware but managed to fly under the public’s radar until its recent announcement.
The company website includes a slideshow investor presentation, advertising what it sees as an opportunity to disrupt Big Tech. It claims that Truth Social and other TMTG brands will be able to compete with companies such as Netflix (NASDAQ:NFLX) and Disney (NYSE:DS).
The early version of Truth Social currently in existence appears to be using codebase from decentralized social network Mastodon without giving proper credit.
Patrick Orlando, CEO of DWAC, spent five years prior to his current position at Deutsche Bank (NYSE:DB). Deutsche held the title of being Trump’s largest lender before his transition into politics. Orlando’s specialty was in the area of emerging markets fixed income derivatives.
