The Biden administration says the federal agencies under its control are not being used as political cudgels aimed at former President Donald Trump and his allies and interests, but then the White House proves itself wrong almost in the same breath.
Case in point: Trump’s new social media venture has not officially launched to the general public yet, but it is already under federal investigation, though there has been absolutely no public evidence thus far that would justify the probe.
The deal between a special purpose acquisition company (SPAC) and former President Donald Trump’s new social media company is being investigated by the US Securities and Exchange Commission and other regulators, according to a report filed with the SEC.
According to the document from Digital World Acquisition Corp. (DWAC) — the SPAC that intends to merge with Trump’s new media venture, Trump Media & Technology Group Corp. (TMTG) — the SEC has requested documents about meetings of the SPAC’s board of directors, “policies and procedures relating to trading,” identification of certain investors, and copies of communication between DWAC and TMTG.
“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced,” Trump said Oct. 20 his statement announcing the launch. “Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”
Literally within a few weeks, the Biden regime had launched a new investigation into the venture, as did an equivalent private sector organization, according to Business Insider.
The companies both noted that neither the SEC or the Financial Industry Regulatory Authority (FINRA) said they found evidence of wrongdoing, which, once again, smells of political retribution. Nevertheless, both companies are cooperating.
“The inquiry should not be construed as an indication that FINRA has determined that any violations of Nasdaq rules or federal securities laws have occurred,” the filing states. “According to the SEC’s request, the investigation does not mean that the SEC has concluded that anyone violated the law or that the SEC has a negative opinion of DWAC or any person, event, or security.”
News of the probe came after the companies announced over the weekend that DWAC had secured $1 billion in capital for the venture, which also reportedly includes a subscription-based streaming offering of some sort.
“Trump Media & Technology Group Corp. (TMTG), and its blank-check company announced on Saturday it had received a commitment of $1 billion from an unidentified ‘diverse group of institutional investors,’
“TMTG and blank-check company Digital World Acquisition Corp. said that ‘subscription agreements for $1 billion in committed capital’ would be received from an unknown group of investors once TMTG and Digital World are combined,”
In October, Trump announced that he would be creating a social media network dubbed “Truth Social,” whose full launch is expected in the first quarter of 2022. The network has been advertised as a platform “that encourages open global conversation without discrimination on the basis of political ideology.”
The move came after several social media companies kicked the former president off their sites following the Capitol riot on Jan. 6, when Trump supporters stormed the Capitol and attempted to stop Congress from certifying President Biden‘s election win.
“$1 billion sends an important message to Big Tech that censorship and political discrimination must end. America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology,” said Trump in a statement.