A new disclosure has been made about the ‘Trump Media and Technology Group’ (TMTG) and social media app ‘Truth Social’ that former US President Donald Trump has announced to start.
Industrialist Patrick Orlando, who invested in this venture, is associated with a company that is headquartered in Wuhan, China.
On the other hand, Trump’s announcement of acquisition of Orlando-based company Digital World Acquisition Corp on Thursday saw its shares jump 350 per cent. TMTG will operate after the merger with Orlando’s Digital World Acquisition Corp.
If all goes according to plan, the Truth App will be launched before the US midterm elections next year. Trump aims to create virtual dialogue with millions of supporters through this. In fact, after the results of the presidential election last year, Trump’s Twitter and Facebook accounts were closed on charges of inciting Capital violence.
Digital World CEO Orlando is also listed as CEO of China’s Yunhong Holdings, according to the US Securities and Exchange Commission website. Established in 2019, Yunhong Holdings has ties to the tax haven country of the Cayman Islands. Its headquarter is in Wuhan.
Trump himself will be the chairman of the company, Scott will be the CEO
The chairman of Truth Social Company will be Trump himself. While well-known TV producer Scott St. John has been made its CEO. Trump’s company did not say how much money it started with
. It has only said that it has a target of raising $29.25 million from the stock market. But the company has said that the company will have a market value of $1.7 billion, although much will also depend on how investors react to its offering in the stock market.
