Trump's Truth Social Deal Could Be Dead Thanks To Investigations

Digital World Acquisition, the company trying to takeover Truth Social and make it public, might end up backing out of the deal entirely thanks to Trump's legal troubles and his sinking popularity. The group filed a petition with the SEC this week seeking to delay the deal by another 12 months instead of closing on the deal next month. Ring of Fire's Farron Cousins explains why things are likely to NOT get any better for Trump in the next twelve months.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Yesterday, digital world acquisition, the, uh, special acquisition company that is of course trying to take truth, social public, by merging with it and making it into a great media empire. They filed a report with, uh, securities authorities and basically said in the report that Donald Trump has become so toxic, his poll numbers have fallen so badly. And the investigations into him have just become so overwhelming that, uh, we may not be able to complete this merger. In fact, we may have to liquidate truth. So because of how unpopular Donald Trump is, let me read this. This is from the official filing with securities authorities. If president Trump becomes less popular, or there are further controversies that damages credibility or the desire of people to use a platform associated with him and from which he will derive financial benefit, TMT G's result of operations, as well as the outcome of the proposed business combination could be adversely affected our failure to obtain any required regulatory approvals in connection with the business combination or to resolve certain ongoing investigations within the requisite time period may require us to liquidate.

They also said that, yeah, we know all of this is supposed to be finalized by September 6th. We're asking for another 12 months, like we don't wanna do it by September of this year. We wanna do it by September of next year. Maybe by then the dust will have settled or maybe by then we will have found a legal loophole. That's going to allow us to pull out of the deal. And that to me probably seems the most likely reason they don't want to have to rush and finalize this thing. Once the deal is finalized, Donald Trump gets his money and there's nothing left for Trump to do he, as they point out like he's gonna get paid. And then we are the ones left holding the bag with an outlet that's associated with a man who might end up being proven to be a criminal. Then what do we do?

Nobody's gonna wanna use the platform. If he goes to jail, nobody's gonna wanna use the platform because right now he's the only draw to that platform. So we got nothing like we wanna wait and see what's gonna happen with him before we go forward with this particular deal, because we don't want to get screwed. Once it closes, he gets his money and he can run away if he wants to also an interesting point here, um, a couple months ago, I think a month or two, maybe they did with Donald Trump work out an agreement that basically says he has to get on truth, social a certain number of times per week and send out a certain number of, uh, truths as they're called. Because prior to that, this thing had been live for months and months and months and Donald Trump wasn't using it at all.

But then they went, they worked out this agreement. In fact, they filed it in the official paperwork. And then suddenly Trump uses truth social all the time now, but it's only because legally speaking, he is required to use truth, social, but even that's not good enough. Yes. There's a couple million users on there, which isn't bad. But when you're talking about market share, it's terrible. The platform is awful. It's still very buggy. It's mostly conservatives and conservatives don't like that. They don't like not having somebody to argue with. That's one of the issues that parlor has run into. In fact, that is the exact critique that conservatives gave about parlor. When they decided to leave it, they said, yeah, it's all people we like.