The establishment media have air-balled yet another big story with regard to former President Donald Trump as the merger between a SPAC and the company behind Trump’s Truth Social social media platform was approved Friday despite nonstop predictions the past couple years this would not happen.
On Friday morning, shareholders of Digital World Acquisition Corporation (DWAC)—which is a SPAC, or special purpose acquisition company—approved a long-delayed merger with Trump Media & Technology Group—unlocking significant resources for the expansion of Truth Social and also perhaps providing Trump himself with a major payday worth several billion dollars.
According to The Hill newspaper, Trump stands to make about $3.5 billion from the 79 million shares he holds—though he is under agreements and provisions that prevent him from immediately accessing the cash.
Nonetheless, the massive windfall for Trump at a time when New York’s Attorney General Letitia James comes after him for hundreds of millions of dollars is welcome news for the former president while the clock is ticking for him to find a solution to post a $454 million bond so he can appeal a ruling in a lower court against him.
But the DWAC merger approval in and of itself is yet another in a long list of storylines that have turned out to be fake from the establishment media. Repeatedly, across several media outlets, predictions of a doomsday for Truth Social have played out for years.
“Truth Social has been very, very powerful, very, very strong, and I’ll be staying there.” https://t.co/s4uKmTTJQX
— Breitbart News (@BreitbartNews) November 21, 2022
For instance, CNN in November 2023 ran this headline: “‘Substantial doubt’ Trump’s Truth Social will survive, accountants warn.”
The same month, New York Magazine ran this headline: “Trump’s Truth Social Is an Unmitigated Failure.”
Also that month, Slate magazine ran this headline: “Truth Social’s Harsh Truth.” Under it, a sub headline questions whether the platform is on the verge of failure: “Donald Trump’s Twitter alternative is flailing. If it tanks, where will he post?”
In September 2023, the Guardian ran this headline: “Trump’s Truth Social platform faces uncertain future as key test looms.”
Back in September 2022, the Daily Beast ran this headline based off a Reuters report: “Trump’s Truth Social Merger Under Threat After SPAC Extension Fails: Report.”
The same month tech blog Gizmodo published this headline: “Trump’s Truth Social Deal Is Reportedly Falling Apart.”
In October 2022, Time Magazine specifically predicted the end of Truth Social in this headline: “The Walls Are Closing in on Trump’s TRUTH Social.”
Even as recently as a few weeks ago, on March 1 of this year, Politico framed the deal as in trouble with this headline: “Legal hurdles mount for Trump’s Truth Social deal at 11th hour.”
Some establishment media outlets had suggested Trump was reconsidering his involvement with Truth Social during this timeframe. As an example, the Washington Post ran this headline in November 2022: “Trump once reconsidered sticking with Truth Social. Now he’s stuck.”
Truth Social CEO Devin Nunes is sounding the alarm about politically motivated ad blacklisting, saying partisan ad boycotts are robbing Trump’s social media platform of revenue. https://t.co/kahR2Oivp7
— Breitbart News (@BreitbartNews) March 10, 2023
Others tried suggesting that when billionaire Elon Musk bought Twitter that would be the undoing of Truth Social, like in this April 2022 Bloomberg headline: “Twitter Under Elon Musk Threatens to End Trump’s Truth Social Media Venture.”
In recent days as the merger seemed more and more likely to proceed as it now has, though, the tone from the establishment media shifted slightly towards the big windfalls the deal is now likely to provide to Trump and investors.
“Trump Media’s Blockbuster SPAC Deal Set to Enrich Allies and Foes,” a Bloomberg headline this week reads.
“Trump is Closer Than Ever to a Giant Truth Social Payday,” a New York Magazine piece from a couple weeks ago is headlined.
“Wall Street debut of Trump’s Truth Social network could net him stock worth billions on paper,” an Associated Press headline from Thursday reads.
Similar headlines appeared in places like the Wall Street Journal, BBC, Business Insider, and more.
