Former president Donald Trump is set to retain ownership of his new social media platform, Truth Social, even if he runs for president again in 2024 or is convicted of crimes.
Reuters reported Tuesday that according to new regulatory filings, Trump is "tightening his grip" on Truth Social. The filings list Trump as the "company principal," but do not disclose the size of his stake.
Truth Social will be created by a new company through the merger of the Trump Media and Technology Group (TMTG) and Digital World Acquisition Corp.
"However, the former president is set to keep his ownership in TMTG, even if the company faces a 'material disruptive event' — the latest filings include a clause that is designed to shield his stake," Reuters reported.
According to the regulatory filing, "In order to maximize business continuity and to minimize, mitigate, or eliminate any negative impacts on the Company from a Material Disruptive Event, the Company Principal's ownership and position in the Company shall be structured in such a way as to eliminate the need for restructuring of ownership or changes in position were a Material Disruptive Event to occur."
Reuters notes that "Trump and his business interests are the subject of numerous investigations from U.S. authorities." And Digital World Acquisition Corp. reportedly highlighted the risks of being associated with Trump in the regulatory filing.
"The Purchaser hereby acknowledges the controversial nature of being associated with the Company Principal and the Company Principal's family," the filing states.