Even after Elon Musk said he planned to reverse Donald Trump’s ban on Twitter if his buyout of the social media company goes through, the former president didn’t show a lot of enthusiasm for returning to the platform that helped get him elected. Now an SEC filing sheds new light on the hesitation.
A filing from Digital World Acquisition Corp. Reveals that Trump is obligated to make any social medial post to Truth Social first—and then wait at least six hours before posting it on another social site.
Trump, however, could make a post from a personal account related to political messaging, political fundraising or get-out-the-vote efforts on any social media site at any time, according to the filing.
Digital World Acquisition Corp has partnered with Trump Media & Technology Group (TMTG), which owns Truth Social, to take the company public.
The filing also gives a look at the freedoms Trump will have to say whatever he wants on Truth, without any repercussions from Digital World.
“Neither the personal nor political conduct of President Trump, even if such conduct could negatively reflect on TMTG’s reputation or brand or be considered offensive, dishonest, illegal, immoral, or unethical, or otherwise harmful to TMTG’s brand or reputation, shall be considered a breach of the license agreement,” it says.
Trump will also have the power to elect who sits on the board of directors and can potentially block matters that would normally require stockholder approval, including the acquisition of the company.
And Digital World concedes in its filing that that could be an issue down the road.
“TMTG may be subject to greater risks than typical social media or streaming videos services because of the focus of its offerings and the involvement of President Trump,” the filing reads. “These risks include active discouragement of users, harassment of advertisers or content providers, increased risk of hacking of TMTG’s platform and increased stockholder suits.
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