previously reported that they were involved in some of the early talks with Mr. Orlando.

Mr. Moss and Mr. Litinsky, who at one time were senior executives with Trump Media, didn’t respond to requests for comment. Mr. Litinsky no longer works for Trump Media; Mr. Moss’s job status is unclear.

Securities regulators also have asked for information from Digital World about the role played by the SPAC’s financial adviser, Shanghai-based ARC Group, according to regulatory filings. Federal regulators previously have reprimanded ARC. In 2017, the S.E.C. stopped ARC’s executives from listing shares of three companies, citing “material misstatements” in their securities filings and a lack of cooperation from the executives.

Ben Protess contributed reporting. Susan C. Beachy contributed research.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Trump’s Truth Social Is Poised to Join a Crowded Field

For months, former President Donald J. Trump has promoted Truth Social, the soon-to-be-released flagship app of his fledging social media company, as a platform where free speech can thrive without the constraints imposed by Big Tech.

At least seven other social media companies have promised to do the same.

Gettr, a right-wing alternative to Twitter founded last year by a former adviser to Mr. Trump, bills itself as a haven from censorship. That’s similar to Parler — essentially another Twitter clone backed by Rebekah Mercer, a big donor to the Republican Party. MeWe and CloutHub are similar to Facebook, but with the pitch that they promote speech without restraint.

Truth Social was supposed to go live on Presidents’ Day, but the start date was recently pushed to March, though a limited test version was unveiled recently. A full rollout could be hampered by a regulatory investigation into a proposed merger of its parent company, the Trump Media & Technology Group, with a publicly traded blank-check company.

If and when it does open its doors, Mr. Trump’s app will be the newest — and most conspicuous — entrant in the tightly packed universe of social media companies that have cropped up in recent years, promising to build a parallel internet after Twitter, Facebook, Google and other mainstream platforms began to crack down on hate speech.

211 million daily active users on Twitter who see ads.

Many people who claim to crave a social network that caters to their political cause often aren’t ready to abandon Twitter or Facebook, said Weiai Xu, an assistant professor of communications at the University of Massachusetts-Amherst. So the big platforms remain important vehicles for “partisan users” to get their messages out, Mr. Xu said.

Gettr, Parler and Rumble have relied on Twitter to announce the signing of a new right-wing personality or influencer. Parler, for instance, used Twitter to post a link to an announcement that Melania Trump, the former first lady, was making its platform her “social media home.”

Alternative social media companies mainly thrive off politics, said Mark Weinstein, the founder of MeWe, a platform with 20 million registered users that has positioned itself as an option to Facebook.

certain subscription services. His start-up has raised $24 million from 100 investors.

But since political causes drive the most engagement for alternative social media, most other platforms are quick to embrace such opportunities. This month, CloutHub, which has just four million registered users, said its platform could be used to raise money for the protesting truckers of Ottawa.

Mr. Trump wasn’t far behind. “Facebook and Big Tech are seeking to destroy the Freedom Convoy of Truckers,” he said in a statement. (Meta, the parent company of Facebook, said it removed several groups associated with the convoy for violating their rules.)

Trump Media, Mr. Trump added, would let the truckers “communicate freely on Truth Social when we launch — coming very soon!”

Of all the alt-tech sites, Mr. Trump’s venture may have the best chance of success if it launches, not just because of the former president’s star power but also because of its financial heft. In September, Trump Media agreed to merge with Digital World Acquisition, a blank-check or special purpose acquisition company that raised $300 million. The two entities have raised $1 billion from 36 investors in a private placement.

But none of that money can be tapped until regulators wrap up their inquiry into whether Digital World flouted securities regulations in planning its merger with Trump Media. In the meantime, Trump Media, currently valued at more than $10 billion based on Digital World’s stock price, is trying to hire people to build its platform.

Trump supporter, and the venture fund of Mr. Thiel’s protégé J.D. Vance, who is running for a Senate seat from Ohio.

Rumble is also planning to go public through a merger with a special-purpose acquisition company. SPACs are shell companies created solely for the purpose of merging with an operating entity. The deal, arranged by the Wall Street firm Cantor Fitzgerald, will give Rumble $400 million in cash and a $2.1 billion valuation.

The site said in January that it had 39 million monthly active users, up from two million two years ago. It has struck various content deals, including one to provide video and streaming services to Truth Social. Representatives for Rumble did not respond to requests for comment.

removed it from their app stores and Amazon cut off web services after the riot, according to SensorTower, a digital analytics company.

John Matze, one of its founders, from his position as chief executive. Mr. Matze has said he was dismissed after a dispute with Ms. Mercer — the daughter of a wealthy hedge fund executive who is Parler’s main backer — over how to deal with extreme content posted on the platform.

Christina Cravens, a spokeswoman for Parler, said the company had always “prohibited violent and inciting content” and had invested in “content moderation best practices.”

Moderating content will also be a challenge for Truth Social, whose main star, Mr. Trump, has not been able to post messages since early 2021, when Twitter and Facebook kicked him off their platforms for inciting violence tied to the outcome of the 2020 presidential election.

With Mr. Trump as its main poster, it was unclear if Truth Social would grow past subscribers who sign up simply to read the former president’s missives, Mr. Matze said.

“Trump is building a community that will fight for something or whatever he stands for that day,” he said. “This is not social media for friends and family to share pictures.”

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Trump’s Media Company Investigated Over SPAC Deal

That month, a small investment bank, Kingswood Capital Markets, which has frequently teamed up with ARC, made a presentation to Benessere’s board members. Marked “strictly private and confidential,” the presentation, reviewed by The Times, listed about a half-dozen possible acquisition targets. One was Trump Media. Kingswood, now called EF Hutton, estimated that Trump Media was worth $1.5 billion and that within a few years it could generate $2.3 billion in annual revenue.

Sergio Camarero, a managing partner at ARC, told Benessere officials that Trump Media was their preferred target. Some Benessere officials, however, balked because they didn’t want to have anything to do with Mr. Trump, two people familiar with the discussions said.

Mr. Camarero did not respond to requests for comment.

ARC quickly turned to Digital World, its other SPAC, as a potential vehicle to merge with the Trump company. ARC had recently installed Mr. Orlando as Digital World’s chief executive, after its previous C.E.O. failed to raise enough money to get it off the ground, a person with direct knowledge of the situation said.

The videoconference call involving ARC, Mr. Orlando, Mr. Veloso and members of the Trump team took place in early April. At the time, Digital World had not yet filed with the S.E.C. to sell its shares to the public. It did so seven weeks later, on May 26.

“We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target,” Digital World said in its initial filing.

The disclosure was important. Because regulators allow blank-check companies to sell their shares to the public with minimal financial disclosures, the companies are not allowed to have merger partners in mind before their I.P.O.s. The thinking is that they otherwise would serve as a backdoor channel for companies to go public while escaping rigorous public scrutiny.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<