Stocks of Trump SPAC Digital World Acquisition Corp Soar After Social Media App Sets Launch Date

Former U.S. President Donald Trump waves prior to Game Four of the World Series between the Houston Astros and the Atlanta Braves Truist Park in Atlanta, Ga., on Oct. 30, 2021. (Michael Zarrilli/Getty Images)
Former U.S. President Donald Trump waves prior to Game Four of the World Series between the Houston Astros and the Atlanta Braves Truist Park in Atlanta, Ga., on Oct. 30, 2021. (Michael Zarrilli/Getty Images)

Shares of the company which is taking former President Donald Trump’s social media platform public rose nearly 20 percent on Thursday after a listing on Apple’s app store showed an expected start date of Feb. 21—the U.S. Presidents’ Day holiday.

Trump Media and Technology Group and Digital World Acquisition Corp., a Special Purpose Acquisition Vehicle (SPAC), announced in October that they would merge to create a social media app called TRUTH Social. SPACs use money raised through an initial public offering to take a private company public.

At the time the merger was announced, Trump’s company said it planned a full roll-out in the first quarter of 2022.

A December Securities and Exchange Commission (SEC) filing shows that Digital World Acquisition has received “certain preliminary, fact-finding inquiries” from the Financial Industry Regulatory Authority (FINRA) associated with stock trades around the time of the merger agreement. Digital World Acquisition said it is cooperating.

Promoted as an alternative to Twitter, Truth Social is currently available for pre-order and is set to go live on the U.S. Presidents’ Day holiday, a day which honors presidents of the nation, including the first president, George Washington.

Digital World Acquisition’s stocks rose 19.66 percent on Thursday after the expected launch date was revealed.

Similar to Twitter, the app allows users to set up a profile, connect with other users, and access the “truth feed” where they can “get the scoop on the latest thoughts and activities from the people, organizations, and news outlets that interest you.”

The app does not discriminate on the basis of political ideology.

“Let your voice be heard. Sign up, join the conversation, and share your unique opinion by posting a TRUTH, Re-TRUTH, photo, news story, or video link to communicate with your friends, customers, and the world,” a description of the social media app reads. “Stay informed about breaking news while staying directly connected with the people who influence you—don’t be shocked if they take your TRUTH viral!”

Trump has been noticeably absent from social media since he was booted off multiple platforms, including Twitter and Facebook, before he left office in January for allegedly violating the companies’ terms of service with some of his posts.

Both executives at the big tech companies and lawmakers have accused the former president of encouraging violence at the Jan. 6 breach of the U.S. Capitol, a claim Trump vehemently denies. His last Facebook post called for “everyone at the U.S. Capitol to remain peaceful” and non-violent and to respect law and order.

On Thursday, which marked the one-year anniversary of the Capitol breach, President Joe Biden condemned the incident and promised to let no one “place a dagger at the throat of our democracy.” Biden was certified the winner of the 2020 election by 74 electoral votes, and was deemed to have won key battleground states, including Georgia, Wisconsin, and Pennsylvania.

“For the first time in our history, a president had not just lost an election, he tried to prevent the peaceful transfer of power as a violent mob breached the Capitol,” Biden said from the Capitol. He accused Trump of having “created and spread a web of lies about the 2020 election.”

Trump has maintained that he was the real winner of the 2020 presidential election and asserted that electoral fraud and reported irregularities linked to the increased use of mail-in voting were reasons for his loss.

Katabella Roberts

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Katabella Roberts is a reporter currently based in Turkey. She covers news and business for The Epoch Times, focusing primarily on the United States.

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Nunes Formally Resigns From Congress to Lead Trump Media Group

House Intelligence Ranking Member Devin Nunes (R-Calif.) speaks during an open impeachment hearing in Washington on Nov. 21, 2019. (Andrew Harrer/Pool/AFP via Getty Images)
House Intelligence Ranking Member Devin Nunes (R-Calif.) speaks during an open impeachment hearing in Washington on Nov. 21, 2019. (Andrew Harrer/Pool/AFP via Getty Images)

Rep. Devin Nunes (R-Calif.) officially put forward his long-anticipated resignation on Monday after he announced his intention in December to help lead former President Donald Trump’s new media platform.

The next step in Nunes’s career will be as the CEO of Trump Media and Technology Group (TMTG), an organization founded by Trump in February 2021 with the goal of competing with established social media platforms and mainstream media outlets.

A short letter officially announcing Nunes’s retirement was read during a pro forma session of the House on Monday.

“I write to inform you that I have notified California Gov. Gavin Newsom of my resignation from the U.S. House of Representatives effective today at 11:59 p.m.,” announced the letter, addressed to the House of Representatives and Speaker Pelosi (D-Calif.).

“It has been the honor of my life to represent the people of California’s San Joaquin Valley for the last 19 years,” Nunes added.

Following this announcement, Rep. Debbie Dingell (D-Mich.), who presided over Monday’s pro forma session, announced to the House that with Nunes’s retirement the total number of U.S. representatives currently serving is 433.

Nunes served in the House for ten terms, hailing from a fairly safe Republican district. But with the results of the census and redistricting being carried out across the United States, Nunes’s seat could be far more weighted in Democrats’ favor during the next election.

On Dec. 30, House GOP Leader Kevin McCarthy (R-Calif.) announced that Nunes’s seat as ranking member on the House Intelligence Committee would be filled by Rep. Mike Turner (R-Ohio).

TMTG’s website gives some idea of what Nunes has to look forward to in his new role.

“In the year 2021, the media pendulum has swung dangerously far to the left,” reads a section of the website describing Trump’s vision for the platform.

“Silicon Valley, the mainstream media, and have begun to forcibly silence voices that do not align with their woke ideology. Big Tech platforms demonetize, throttle, and cancel those who stray from the mainstream narrative. They are not just censoring content—they are determining what can and cannot be said. By controlling how information is shared, they control the narrative. They control the future. They control you.

“To counter this dangerous exercise of Big Tech monopoly power, President Donald J. Trump and TMTG are building a media and technology company rooted in social media, digital streaming, and more. TMTG intends to even the playing field by providing people with open media platforms where they can share and create content without fear of reputational ruin.”

It is clear that Trump and his allies intend for the organization to take on a leading role in order to compete with some of the biggest names in social media and mainstream media outlets.

TMTG announced on Dec. 14 that it had entered into a technology and web services agreement with the Rumble video platform. “As part of the partnership, Rumble will deliver video and streaming for TRUTH Social,” said a press release.

TMTG announced its decision to bring Nunes on as a leader in a Dec. 6 press release.

Trump, who is a chairman of TMTG, called Nunes “a fighter and a leader.”

“He will make an excellent CEO of TMTG,” Trump continued. “Devin understands that we must stop the liberal media and Big Tech from destroying the freedoms that make America great. America is ready for TRUTH Social and the end to censorship and political discrimination.”

Nunes made clear in a statement at the same time that he sees potential in TMTG and agrees with its mission.

“The time has come to reopen the Internet and allow for the free flow of ideas and expression without censorship,” Nunes said. “The United States of America made the dream of the Internet a reality and it will be an American company that restores the dream. I’m humbled and honored President Trump has asked me to lead the mission and the world class team that will deliver on this promise.”

Joseph Lord

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Joseph Lord is a Congressional reporter for The Epoch Times who focuses on the Democrats. He got his Bachelor of Arts in Philosophy from Clemson University and was a scholar in the Lyceum Program.

IMPORTANT DECLARATION: Cazamentiras.Com does not necessarily share the political views expressed in articles published from other information media. | Visit the source for more information

Meta Attorneys: Facebook Fact Check Labels Are Opinion

Labels placed on posts on Facebook accompanying so-called fact-checks are opinion, lawyers for the social media platform’s parent company said in a recent court filing.

Television host John Stossel sued Facebook and two of its fact-checking partners, Science Feedback and Climate Feedback, earlier this year, accusing the entities of defaming him.

Stossel posted two video reports on Facebook, one of which explored the forest fires devastating California in 2020, including an interview with Michael Shellenberger, a climate change expert.

Stossel said that climate change has made things worse in the state; Shellenberger said climate change played a role but that mismanaged forests were the primary reason for the large fires.

Facebook placed a label over the video, telling users that it was “missing context.”

If users clicked through, they were met with a page on Climate Feedback’s website that stated “Claim – ‘forest fires are caused by poor management. Not by climate change.” and “Verdict: misleading.”

That claim, though, is “contained nowhere in” Stossel’s video, the suit says.

Stossel said he reached out to Climate Feedback and they didn’t respond, but two of the scientists listed as the group’s reviewers admitted they had not reviewed the video.

A similar situation played out with a different video, which explored “environmental alarmists.”

Stossel said the fact-checking process “is nothing more than a pretext used by defendants to defame users with impunity, particularly when defendants disagree with the scientific opinions expressed in user content.”

The case was filed in federal court in northern California.

Lawyers for Meta, Facebook’s parent company, responded in a filing late last month, urging the court to dismiss the case.

Meta said its fact-checkers are independent from Facebook and that it is protected by Section 230 of the Communications Decency Act.

“Beyond this threshold Section 230 problem, the complaint also fails to state a claim for defamation. For one, Stossel fails to plead facts establishing that Meta acted with actual malice—which, as a public figure, he must,” they wrote.

“For another, Stossel’s claims focus on the fact-check articles written by Climate Feedback, not the labels affixed through the Facebook platform. The labels themselves are neither false nor defamatory; to the contrary, they constitute protected opinion. And even if Stossel could attribute Climate Feedback’s separate webpages to Meta, the challenged statements on those pages are likewise neither false nor defamatory. Any of these failures would doom Stossel’s complaint, but the combination makes any amendment futile,” they added.

The claim regarding opinions is key because an opinion is more difficult to press a defamation claim against.

The case was reassigned this week to U.S. District Judge Lucy Koh, an Obama nominee.

Koh is set to hear oral arguments during a hearing on the motion to dismiss in March 2022.

Stossel is seeking damages of at least $2 million and wants the court to order the defendants to remove the content in question.

Zachary Stieber

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Zachary Stieber covers U.S. news and stories relating to the COVID-19 pandemic. He is based in Maryland.

IMPORTANT DECLARATION: Cazamentiras.Com does not necessarily share the political views expressed in articles published from other information media. |Visit the source for more information

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