Trump supporters could lose 'millions' as shell company trying to acquire Truth Social faces liquida

[Ohio Joe]

Trump supporters could lose 'millions' as shell company trying to acquire Truth Social faces liquidation

On Thursday, Matthew Sheffield of The Young Turks reported that supporters of former President Donald Trump are facing the prospect of collectively losing millions of dollars they invested into Digital World Acquisition Corp. (DWAC), the special purpose acquisition company, or "blank check" firm that has sought to purchase the former president's Truth Social platform to take it public, as DWAC faces its liquidation deadline with little progress on completing the deal.

"In a call with investors, Patrick Orlando, the chairman and CEO of the struggling shell company announced that DWAC was going to reconvene on Nov. 22," said the report. "It was an ominous sign that Digital World had failed to receive authorization from 65% of shareholders to continue the company’s existence, despite months of trying. Under the terms of DWAC’s incorporation, the company was supposed to merge with a private firm within one year’s time or dissolve and reimburse its investors at a rate of about $10 per share."

--snip--

According to the report, many Trump supporters are set to take a haircut after purchasing DWAC at $90 a share.

https://www.msn.com/en-us/money/companies/trump-supporters-could-lose-millions-as-shell-company-trying-to-acquire-truth-social-faces-liquidation/ar-AA13Ihy8?ocid=msedgntp&cvid=b6fd623c5fb84560b880ceab356522bd

The marks bought in at $90 a share and only one year later they have no choice but to get $10 a share buyout. What a bargain

[RussBLib]

1. Wonder how much of that $$ will go to T****?

That ass always has a grift going.

[Botany]

2. They bought in at $90 per share and will have to take $10 per share as one more Trump ...

... business goes "belly up."

[hatrack]

3. Good. Fuck 'em . . .

.

[Chicago1980]

21. + Infinity

[Turbineguy]

4. I'm pretty sure Trump will no lose money

his investors will be bag holders.

[ProfessorGAC]

8. Almost Assuredly

I thought the whole point of that venture was to raise capital he didn't have for his dumbass media company.
Hence, I figured he invested next to nothing.

[Evolve Dammit]

13. Yes indeed. The Art of the Steal. Make the suckers and losers pay for it....

[Wounded Bear]

5. #ETTD - geting woke can be painful sometimes...nt

[ProudMNDemocrat]

6. Anyone who invests with TDFG deserve to lose money.

Suckers and losers the lot of them.

[RainCaster]

7. Sounds like something Elon would invest in

[Mz Pip]

9. They should know by now.

Everything Trump promotes is a grift. He does not have their best interests in mind.

[Progressive dog]

10. Hurray

Couldn't happen to more deserving people.

[dembotoz]

11. too bad they do not print them out on paper like old time stocks

buy some up as gag gifts for your gop friends and business associates.
I have a white elephant xmas gift exchange coming up....

[cos dem]

12. For a Trump business, that's a pretty good ROI

Most of them return $0 per share.

[Fla Dem]

14. Typical Trump enterprise. That is all.

[Diraven]

15. DWAC is at 16 now

They must be counting on this news to tank it

[Rachel M at 6 pm]

16. I needed this

My day has been a little messed up in a few different ways, but I'm feeling better now

Warms my heart whenever a Trumper gets fleeced, especially when they know they've been fleeced

$80 per share lost. Good work

[aggiesal]

17. Everything Pendejo45 touches, goes to crap ...

It was Pendejo45 supporters that brought it on themselves.

[SergeStorms]

18. I knew it.

The Trump family has squeezed every nickel they can out of it, now everyone else will take a bath. 🤣

Don't fret, suckers, you've been conned by one of the best. They don't call the Orange Maniac "King Con" for nothing!

[onecaliberal]

19. A fool and his money, soon will be parted.

[RockRaven]

20. Anyone who ever thought this was an investment and not a sacrifice to the fires of Moloch

is a fool. The nature of the thing was obvious from day one, if you aren't a dope.

[republianmushroom]

22. Orange A-O

just fleecing the flock

[BlueKota]

23. Well as the old saying goes

"Fools and their money are soon parted" They got conned by a con, but no doubt they will still worship their orange deity.

[Blue Owl]

24. Diarrhea Donny's gonna fuck you now

[lindysalsagal]

25. So much good news tonight!

[Genki Hikari]

26. BWAHAHAHAHAHA

Only brain dead losers didn't see this coming.