The Troubled “Truth”

A fascinating fact about human skill-set is that it can hold different meanings under different circumstances. A skill which is proving to be hugely beneficial in one situation can easily appear as a detrimental aspect of another setup. Hence, we are always learning how to use our diverse skill-set in the most intelligible manner, but history suggests that we haven’t quite done a flawless job of it. In fact, on certain occasions, the brazen mismanagement by us in said regard has even led to disruptions throughout the spectrum. To keep such disruptions from impacting the world time and again, we came up with an idea of meticulous regulation. Now, having a regulatory body monitoring your every action in the public domain can sound intrusive, except it would go on to really shake things up for the better. The newfound accountability encouraged everyone to behave in the right way, and to their credit, many people did follow the word. Nevertheless, this only lasted until the established regulations started to seem as overly restrictive. Once that happened, the pack of rule breakers swelled up in a jiffy. With technology also pulling all stops to aid the unethical cause, it became a genuine challenge for the regulators to maintain purposeful governance, but fortunately, they were successful in holding the fort. Using the victorious momentum, these governing forces are now intent on eliminating any advantage that the companies have had in the recent past, and their latest bid to do so takes on a highly polarizing figure.

Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have officially initiated their investigations of SPAC, Digital Acquisition Corp., that signed up for taking Donald Trump’s social media company public. The basis for investigations are reported to be improper financial dealings, and although we haven’t reached the point of any concrete measures, the whole project can potentially land in jeopardy, if any inconsistencies are discovered. So far, SEC has inquired about “documents relating to meetings of DWAC’s Board of Directors, policies and procedures relating to trading, the identification of banking, telephone, and email addresses, the identities of certain investors, and certain documents and communications between DWAC”. FINRA, on the other hand, is seeking information in regards to the trading that happened before DWAC officially announced its merger with TMTG, company behind Truth Social.

In case the SPAC deal is approved, though, it won’t just facilitate the public listing of TMTG, but it will also rake in funding worth $300 million. This sum is likely to fall alongside an investment of $1 billion, which is already secured by the company through a “diverse group of institutional investors”

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