- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
Trump’s social media company went public relying partly on loans from trust managed by person of interest to prosecutors
Donald Trump’s social media company Trump Media managed to go public last week only after it had been kept afloat in 2022 by emergency loans provided in part by a Russian-American businessman under scrutiny in a federal insider-trading and money-laundering investigation.
The former US president stands to gain billions of dollars – his stake is currently valued at about $4bn – from the merger between Trump Media and Technology Group and the blank-check company Digital World Acquisition Corporation, which took the parent company of Truth Social public.
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Through leaked documents, the Guardian has learned that ES Family Trust operated like a shell company for a Russian-American businessman named Anton Postolnikov, who co-owns Paxum Bank and has been a subject of a years-long joint federal criminal investigation by the FBI and the Department of Homeland Security (DHS) into the Trump Media merger.
The main Russian news organization is call “Pravda”, which is Russian for “Truth”. Their social media arm therefore, translated to English, would probably be called “Truth Social”.