The company buying Donald Trump's social network Truth Social has warned investors about the former president's history of bankruptcies and business failures.
In a regulatory filing Monday, Digital World Acquisition Corp highlighted the bankruptcies of Trump Taj Mahal, Trump Plaza, and Trump Castle, and the failures of Trump University, Trump Vodka, and Trump Steaks, among others.
Digital World, a SPAC or "blank-check" firm, is seeking to merge with Trump Media and Technology Group (TMTG), the owner of Truth Social. Trump himself would control between 47% and 58% of the merged company and would serve as its chairman, Monday's filing shows.
Digital World said in its filing: "A number of companies that were associated with former President Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt."
It continued: "A number of companies that had license agreements with former President Trump have failed. There can be no assurances that TMTG will not also fail."