DWAC and Truth Social still set to merge after settlement with SEC

By Jen Krausz on
 August 11, 2023

A merger between Digital World Acquisition Corp. (DWAC) and Trump Media & Technology Group Corp (TMTG) is moving forward after DWAC settled a case with the Securities and Exchange Commission on Wednesday.

The merger, which would provide millions in capital for Truth Social to expand, was set in motion months ago, but some wondered if one or both would back out after a period of inaction.

The timing of a renewed commitment to merge comes as Trump's campaign for 2024 ramps up. He uses Truth Social as his primary way of communicating with supporters.

“Truth Social was created to reopen the Internet and give people their voices back. As increasingly damning details emerge of the collusion between Big Tech and Big Government to suppress dissenting political views, Truth Social has proven itself to be a premier safe harbor for free expression online,” Truth Social CEO Devin Nunes said. “TMTG remains committed to the merger with DWAC, which we believe will help maximize TMTG’s potential.”

DWAC CEO Eric Swider also expressed optimism over the merger.

“Together with TMTG, we are converging our visions to shape the future of digital media. We believe Truth Social will have a strong position in the marketplace bringing a unique value perspective to our shareholders,” Swider said. “We are truly excited and look forward to bringing this long-awaited transaction with TMTG to a close.”