Company taking Truth Social public warns it might have to liquidate as Trump becomes 'less popular'

A company that agreed to take former President Donald Trump's Truth Social platform public issued a warning this week that the former president's popularity and ongoing investigations could derail the deal.

CNBC reported that a special purpose acquisition company named Digital World Acquisition Corp. (DWAC) presented the information in a securities filing on Monday.

The filing suggested that falling popularity and ongoing investigations of the former president could impact Trump Media and Technology Group, which owns Truth Social.

“If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, TMTG’s results of operations, as well as the outcome of the proposed Business combination, could be adversely affected,” the filing said.

“Our failure to obtain any required regulatory approvals in connection with the Business Combination or to resolve certain ongoing investigations within the requisite time period may require us to liquidate,” the document added.

DWAC was scheduled to complete its merger with Trump Media and Technology Group by Sept. 6 but is seeking to delay the deadline by a year.

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