Company to pay $18M in merger with Trump’s Truth Social.

Digit World Acquisition⁢ Company to Pay $18 ​Million Fine Imposed by​ SEC

Digit World Acquisition Company (DWAC), the “blank check” company that played a role in ⁣funding Trump Media and Technology Group (TMTG), has‌ agreed to ​pay an $18 million fine ‍imposed ‍by⁤ the Securities and Exchange Commission‌ (SEC). This comes after‌ an investigation ⁤by the ‌SEC that began in December 2021. ⁤

DWAC claimed to ⁤have raised $300 million for⁤ TMTG, the parent company of Truth Social, and‌ had plans to merge ⁢with the company. However, the SEC⁣ found that DWAC‍ failed to disclose ⁤its⁢ discussions‍ with‍ TMTG​ and a material ⁢conflict of⁣ interest involving its CEO and Chairman. These disclosure failures are particularly concerning in⁤ the context of a SPAC, as investors heavily ⁣consider factors such as‌ the management team and potential merger targets when‍ making financial decisions.

Following ​the release of the⁤ SEC investigation filing, DWAC stock dropped 14%,⁣ according⁣ to Seeking⁣ Alpha. ⁣However, the stock ‍has ‍since rebounded, increasing from a little ‍over $13 on Thursday to ⁢roughly $20 on Friday, the day after the fine was announced.

Senate ⁣Committee to Consider Advancing Bipartisan Children’s Online Safety Bill

The Senate Committee is set to discuss advancing a ‌bipartisan bill focused ⁣on children’s ⁢online ‍safety. This bill aims to address⁣ the growing‍ concerns surrounding the safety of children in the digital‍ world.

Former President Donald Trump, despite being reinstated on Twitter, remains active on ⁢Truth Social, where he ⁤has amassed over 5 million followers.

In response⁤ to the rise of Truth ‍Social, Meta, the parent company of Facebook and Instagram, has announced⁣ its own platform called Threads. Threads is ‌designed ⁢to ⁢compete with both Twitter‌ and Truth Social. In its ‌first few days‌ of launch,‌ Threads has already gained 70 million new⁤ users.

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