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From: BiteMe@Bitch.org

Jina


Trump's billion-dollar social media venture funded by a Chinese company
with a shady history

President Donald Trump was able to gather enough funding to start a billion-dollar venture creating his own social media site that will
allow him a place where he can't be banned. That funding, however, came
from a Chinese company that has struggled with several investigations
from the Securities and Exchange Commission.

A Washington Post report explained that the Shanghai company Arc Capital
has frequently helped finance companies that don't have any revenue or
offices.

"One claimed to be developing autonomous drone software despite having
no employees; another said it operated a publicly-traded in-home bakery 'specializing in freshly-made cakes and cupcakes' before saying it
pivoted into touch-screen technologies for a “diversified blue-chip
client base,'" the Post said citing regulatory filings.

While the U.S. lets shell companies to go public on the markets the SEC
accused Arc of lying to investors about the specifics around those
operations.

Arc Capital created Digital World Acquisition to invest in Trump Media
and Technology Group with over $1.2 billion in cash. Digital World is
listed as a special purpose acquisition company, a kind of shell company
that raises money for private start-ups. It would help bring Trump back
into the money game after he was bumped from the Forbes 400 list.

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