Former US President Donald Trump has agreed to post any social media messages on Truth Social first and wait several hours before posting it elsewhere, a filing with the Securities and Exchange Commission (SEC) showed on Monday.
According the document, Digital World will change its name to Trump Media Technology Group Corporation (TMTG).
“President Trump is generally obligated to make any social media post on Truth Social and may not make the same post on another social media site for six hours,” the filing said.
Thus TMTG has limited time to benefit from Trump’s posts and followers may make a post from a personal account related to political messaging, political fundraising or get-out-the-vote efforts on social media at any time, the document explained.
” ….Trump is expected to serve as Chairman of the Board of the Combined Entity after consummation of the Business Combination,” the filing acknowledged.
TMTG expressly acknowledged “controversial nature” of being associated with former President Trump and the possibility of any associated controversies affecting the company adversely, according to the document.
Meanwhile Reuters reports that Truth Social was launched with the mission of standing up to Big Tech, after the former US president was kicked off of Twitter, Facebook and YouTube for allegedly inciting and glorifying violence during the Jan 6 US Capitol riots.
Billionaire Elon Musk, who has bid to buy Twitter for $44 billion, has said he would reverse Trump’s ban on the platform, calling it “morally wrong and flat-out stupid.”
Trump, who averaged 18 tweets a day when he was president, has said he would not return to Twitter even if reinstated.
He has revved up his messaging on the new platform to his millions of followers after a slow start.
“President Trump is generally obligated to make any social media post on Truth Social and may not make the same post on another social media site for 6 hours,” Digital World Acquisition Corp said in a filing.
DWAC, a special purpose acquisition company which will take Truth Social’s parent Trump Media & Technology Group (TMTG) public, filed the statement with US regulators and said it expects to close the deal in the second half of 2022.
It also said Trump is free to sign offers for any new video production, but TMTG holds the right to recreate a similar program for subscription video service TMTG+ and will have to pay him for exclusive content for subscribers.