It may come as an absolute shock to you that there is something shady about Donald Trump’s new media and technology venture that now has Devin Nunes as its CEO. Trump is, of course, shouting from the rooftops (though not from Twitter, Facebook, and Instagram) that he is creating what will be the world’s best social network—and streaming entertainment service, and news network, and whatever else he thinks of.
The only problem is there doesn’t seem to be any indication that anyone is actually creating much of anything over at Truth Social or the Trump Media & Technology Group. The entire operation appears to be another grand Trump marketing scheme of smoke and mirrors. Which would be fairly ho-hum if it weren’t for the money this vaporous apparition is generating.
Thanks to the wonders of a “Special Purchase Acquisition Company” (SPAC) and other financial slights of hand, Trump and a slew of well-connected hedge fund types are on their way to making a fortune from something that doesn’t exist.
Even before anything is actually unveiled or proven successful, the venture is valued at over a billion dollars. There is, however, an extremely good chance the whole thing will be a flop, in which case Trump and his pals will still make hundreds of millions of dollars thanks to the way the deals are structured . . . and of course the average investor/Trump supporter will be left with little of value.