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According to documents from the US Securities and Exchange Commission, former US President Donald Trump’s new social media company, Truth Social, has received support from Florida capitalists who have links to Chinese investment vehicles.
Patrick Orlando is the head of the blank cheque company that exposes the truth about Trump in the US market. He is also the CEO of Yunhong International, a tax haven registered in the Cayman Islands, and his business address is in Wuhan, China. .
Yunhong International stated in a recent document submitted to the US Securities and Exchange Commission that its goal is to “take advantage of the growing opportunities created by consumer/lifestyle companies whose main business is in Asia.”
Orlando is the CEO of Digital World Acquisition Corp. The company’s stock price has soared since it was revealed that the company plans to acquire Trump’s new company Social media company. Digital World’s stock price continued its rally on Friday, soaring to over $100 in a large-volume transaction, higher than the $10 per share two days before the announcement.
According to Reuters, regulatory documents show that hedge funds investing in Digital World will invest five times their investment, and Orlando, which supports the transaction, may receive a windfall of $420 million from the surge in stock prices.
Digital World is the most discussed stock on the trading social media site Stocktwits, which is regarded as a measure of the interest of individual investors and meme stock players. According to Reuters, the volume of SPAC-related news on Stocktwits has increased by more than 9,000%.
Patrick Orlando is a financial supporter of Trump’s new company, Truth Social Public, and the CEO of Wuhan Yunhong International. [File: Thomas Peter/Reuters]As the President of the United States, Trump criticized China’s trade practices and Blame the Chinese government For the coronavirus pandemic that originated in Wuhan.Trump’s words at the end of his presidency were so threatening that the highest U.S. military commander Mark Milly called his opponent Quell the fears of the Chinese.
SPAC It is a “special purpose acquisition company”-a popular but risky new Wall Street financing tool, also known as a blank check company-to raise funds in the public financial market and then look for existing businesses for acquisition.
A Reddit message board user wrote: “No matter what your politics, this stock will tear…I will start my rebound with a meager 100 shares, and then increase my position on dips.”
According to data from the Harvard Business Review, SPACs accounted for half of newly listed companies in the United States in 2020, and in the first quarter of 2021, 295 new SPACs were established, raising a record US$96 billion.
Trump stated on October 20 that he created the site to “fight against the tyranny of large technology companies” and announced on October 20 that the yet-to-launch Truth Social will be open to invited guests in November and will be released in November. It will be open to all users in early 2022.
Trump built a huge social media following during his presidency, prohibit After he repeatedly falsely claimed that the 2020 election was stolen and his supporters violently attacked the U.S. Capitol on January 6, major U.S. social platforms, Twitter, Facebook, and other platforms.
Trump said: “We live in a world where the Taliban has a large presence on Twitter, but your favorite US president is silenced.”
“I’m very happy to start sharing my thoughts on TRUTH Social and fight back against large technology companies soon,” Trump said.
Trump’s new company is planning a video-on-demand service called TMTG+, which will feature entertainment, news, and podcasts.
Some technical users were able to create fake accounts on the site, which, according to a person familiar with the matter, appeared to be based on open source code.
The team behind Trump’s social media platform “Social Truth” appears to have tested multiple versions of the site, one of which is based on Pleroma.
Of course, I am able to register an account @realDonaldTrump Because the website is publicly accessible by anyone. pic.twitter.com/EUPCMHAzZi
-Mikael Thalen (@MikaelThalen) October 21, 2021
Earlier efforts to launch a blog on Trump’s existing website were abandoned after the page attracted a small number of followers.
According to a brief statement on the website of his company Benessere Investment Group, Orlando graduated from the MIT Sloan School of Management in 1995. He has been engaged in finance, derivatives and commodity trading for more than 20 years.
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