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Donald Trump’s Truth Social has been around since October 2021, but his favorite online place to rant may not be a viable social media platform for much longer. The former president’s pet project after he left the White House was supposed to be a part of a merger with Digital World Acquisition, but the deal hasn’t closed almost two years later, and they have an impending deadline.
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It’s what The Washington Post is describing as a “catastrophic threat” because both parties need the deal to close before the rapidly approaching Sept. 8 deadline. An emergency shareholder meeting has been scheduled to try and garner enough votes to get some breathing room for the merger to occur. What makes this issue so pressing is that if they don’t get enough votes, Digital World “will be required by law to liquidate and return $300 million to its shareholders, leaving Trump’s company with nothing from the transaction,” according to the media outlet.
The company was a stockholders’ dream, reaching a peak price of $175, but it is trading at only $14 a share today. It would not only be a financial disaster for Digital World if this merger fails, but it would also be the latest controversy to pile on to Donald Trump’s legal woes. The vote is happening on Tuesday, Sept. 5, so it’s either go time for the two companies, or it will be doomsday for the Sept. 8 deadline.
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Of course, Trump Media doesn’t to take any responsibility for this situation and has blamed the Securities Exchange Commission (SEC) for their problems. They gave The Washington Post a statement in November 2022 accusing the SEC of “trying to sabotage our merger and harm President Trump for purely political reasons.” If Truth Social does collapse, this might be good news to Elon Musk, who has been dying to get Donald Trump back on X, formerly known as Twitter, on his platform full-time. That day may come sooner than anticipated.
Before you go, click here to see the biggest presidential scandals in US History.
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