trumps new social media funder tied to lifestyle business in China | Donald Trump News

Former US President Donald Trump’s new social media company, Truth Social, is backed by a Florida-based capitalist and linked to an investment vehicle in China, according to Securities and Exchange Commission documents.

Patrick Orlando, who runs the blank check company that makes Trumps Truth Social public in US markets, is also the CEO of Yunhong International, a company registered in the Cayman Islands, a tax haven, with a business address in Wuhan, China. .

Yunhong International aims to capitalize on the growing opportunities created by consumer / lifestyle companies that have their core businesses in Asia, she said in a recent filing with the SEC.

Orlando is the CEO of Digital World Acquisition Corp, whose shares have skyrocketed since the company announced plans to acquire Trump’s new social media company. Digital World shares extended their rally on Friday, topping $ 100 in intense trading, compared to $ 10 a share before the announcement two days ago.

Hedge funds that have invested in Digital World are expected to make five times their investment, according to regulatory documents, while Orlando, which has backed the deal, is expected to receive a $ 420 million windfall from the stock surge. , reported the Reuters news service.

Digital World was the most discussed action on the trading-focused social media site Stocktwits, a platform seen as a measure of the interest of individual investors and memes stock players. PSPC-related Stocktwits message volumes have increased by more than 9,000%, Reuters reported.

Patrick Orlando, the funder of Trump’s new venture, Truth Social public, is also the CEO of Wuhan-based Yunhong International. [File: Thomas Peter/Reuters]

As US president, Trump criticized China for its business practices and blamed the Chinese government for the coronavirus pandemic, which originated in Wuhan. Trump’s rhetoric at the end of his presidency was so threatening that America’s top military general, Mark Milley, called on his counterpart to allay Chinese fears.

PSPCs are specialized acquiring companies, hot yet risky new Wall Street fundraising vehicles, also known as blank check companies, that raise funds in the public financial markets and then seek out funds. existing businesses to be acquired.

Whatever your policy, this action will tear itself apart. I’ll start my pickup at a measly 100 stocks, then add to my position on the dips, one Reddit message board user wrote.

PSPCs made up half of all newly listed state-owned companies in the United States in 2020, and in the first quarter of 2021, 295 new PSPCs were formed, raising a record $ 96 billion, according to the Harvard Business Review.

Claiming he was creating the site to resist the tyranny of big tech, Trump announced on October 20 that Truth Social, which has yet to launch, will be open to guests in November and to all users in early 2022.

Trump, who had built a huge social network during his presidency, has been banned by major US social platforms Twitter, Facebook and others after his repeated false claims that the 2020 election was stolen and his supporters violently attacked. assault the US Capitol on January 6.

We live in a world where the Taliban has a big Twitter presence, but your favorite U.S. president has been silenced, Trump said.

I’m excited to start sharing my thoughts on TRUTH Social and tackling Big Tech soon, Trump said.

Trump’s new company is planning a video-on-demand service dubbed TMTG + that will deliver entertainment, news and podcasts.

Some tech users were able to create fake accounts on the site, which one person said appeared to be based on open source code.

It appears that the team behind Trump’s social media platform “TRUTH Social” has tested several versions of the site, including one based on Pleroma.

Of course, I was able to register the @realDonaldTrump account because the site is publicly accessible to everyone. pic.twitter.com/EUPCMHazZi

Mikael Thalen (@MikaelThalen) October 21, 2021

An earlier effort to blog on Trump’s existing website was scrapped after the page attracted a low number of followers.

Orlando graduated in 1995 from the MIT Sloan School of Management and has been involved in the finance, derivatives and commodities business for more than 20 years, according to a profile statement posted on his firm’s website Benessere Investment. Groups.

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