Here’s a definition of “doublespeak” a word which originated in George Orwell’s “1984.” You remember War Is Peace and Freedom Is Slavery, right? Pin this on your computer next to the definition for Dunning-Kruger Effect.* Between the two, you will have everything at your fingertips that you need to know about how the Republican party functions, circa 2023.
Doublespeak is language that deliberately obscures, disguises, distorts, or reverses the meaning of words. Doublespeak may take the form of euphemisms, in which case it is primarily meant to make the truth sound more palatable. It may also refer to intentional ambiguity in language or to actual inversions of meaning.
I just now read the most amazing article on the CBS News website, which is pure doublespeak. A tip of the hat to our fellow Zoomer, Roger, who gave me the link to this piece. Truth Social is having a major financial reversal today. But CEO Devin Nunes wants you to know that loss of funding is not a problem, no, it’s a desirable development. Whut? Oh, this one is rich. We’ll go step by step. At first blush, I think this soft soap is to keep Donald Trump from throwing not only ketchup bottles against the wall, but furniture and his CEO as well.
The funding partner for Trump Media & Technology Group said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.
Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, said in a regulatory filing that it has received termination notices from investors for $467 million of the funding. The remaining $533 million will be returned to investors, with DWAC CEO Eric Swider saying in a press release that the decision is a “positive development” as Trump’s media group focuses on developing a “sustainable business model.”
Now, in plain English, at a See Spot Run level, DWAC (you remember DWAC. Donald Trump has a SPAC and its name is DWAC? A SPAC is a Special Purpose Acquisition Company and this one is called Digital World Acquisition Corp. and this is the business entity which funds Truth Social) is giving back investor money. It just said today, “in a regulatory filing” that it has received termination notices for “x” amount and it will return the remaining “y” amount to investors. They had to tell the plain truth in the regulatory filing but they’re trying to whitewash it to be more palatable to the public. This is something that people do when an investment scheme folds, both give back the investor money per agreement and whitewash the transaction.
So let’s get to the part where we are told by the DWAC CEO that this is a good thing. Going out of business is a good thing? Well, uh, and here’s the doublespeak pitch: they’re not really going out of business they’re focusing on developing a sustainable business model, as it says in quotes. Meaning that the previous business model was not sustainable. And that is a fact. What Truth Social looked like at the pipe dream stage, where it was going to become as big as Twitter and how it has actually inched along in reality are two different things. Truth Social has had nothing but problems. For one thing, they can’t get their accounting paperwork straight, what with auditors quitting suddenly, and the SEC is a real buzz kill. Why, they’ll put you out of business if your books aren’t in order, can you believe it?
The loss of funding for DWAC appears to be a step backward for the prospective merger between the company and Trump’s media outfit, which runs Truth Social, a social media service with a conservative flavor. When the merger was first announced in 2021, it sparked an 800% surge in DWAC’s shares, prompting comparisons to meme stocks.
Oh yes, it surged right out of the gate. And if you got your money out at the right time, you made a killing. If you didn’t get your money out at the right time, you took a bath. Back to the CEO’s statement.
“[D]espite how others may seek to characterize the [private investment in public equity, or PIPE] commitment cancellations, we want our shareholders to understand that these cancellations are a positive development in our ability to consummate the business combination,” Swider said in the statement.
The man is saying that the investors canceling their investment is a good thing. It would be so nice if he would explain why, because it certainly doesn’t sound like it’s a good thing.
And I for one am dying to know. Investor money pulling out sure as hell never was a positive development in any business deal I’ve ever seen but maybe I just haven’t seen enough. Okay, fine. Let’s accept that, just for the sake of argument. It’s a good thing that the investors are pulling their money out. Great. Let’s move right along.
DWAC had about $1 billion worth of securities purchase agreements with some institutional investors, with the company noting in the regulatory filing that those investors had sent it termination notices for about $467 million. It said it will “unwind the remaining balance” of the investment.
This has been said twice now, in this short article. DWAC had almost $1 billion in agreements and about half of those agreements were terminated and DWAC’s going to send back the rest of the money to the people who haven’t sent in termination notices. So when that’s done, then there’s no money — but this is a good thing, we are told. You are bearing that in mind, right? That this is a good thing?
With the loss of the funding, it’s unclear how Trump’s media group, called Trump Media & Technology Group, would finance its operations after the merger. The plan was that DWAC would provide TMTG with a deep pool of funds after the merger was completed.
Bingo. Yes, with no money, you’re going to have trouble financing operations. Unless of course your workers are all squirrels and then money’s not a problem, you just use acorns. But along comes Devin Nunes and he also says losing financing is a good thing. And Devin should know, right, because this is where his paycheck comes from.
“Today’s announcement is an important step towards eliminating the PIPE — which TMTG believes would be in the best interest of TMTG’s equity holders — and completing our merger with DWAC as soon as possible,” said TMTG CEO Devin Nunes in Thursday’s statement. He did not provide details as to why the elimination of the financing would benefit his company’s shareholders.
See, there’s the rub, right there. Nobody can figure out how or why losing financing is a good thing. Or how the merger with DWAC is going to take place when DWAC now has no money to complete the merger. But here’s the DWAC CEO back again, and he says they don’t need any money. Huh?
However, Swider noted in the statement that Trump’s media group has a “reduced need for capital” and a “commitment to growing a sustainable business model.”
Trump’s media group has a reduced need for capital. Good. Because they don’t have any now, so we’re certainly relieved to hear that they don’t need it. Because if they did need it, they would be up shit’s creek, because it’s all gone.
And that my friends, is doublespeak for “Oh my phuqing God, DWAC just went under and we’re screwed. Wait until Donald finds out, it’ll be ketchup Niagara Falls. Quick! Send out a press release! Send out two! This is wonderful news, not disaster. This is the news we’ve been praying for! No money is a good thing. A wonderful thing. Everybody should have no money!”
Whatever life is throwing at you today, if you’re not a lawyer or an accountant for Trump Media & Technology Group, you’re doing fine. Count your blessings.
*Dunning-Kruger Effect: The Dunning-Kruger effect effect occurs when a person’s lack of knowledge and skills in a certain area cause them to overestimate their own competence. And then they go belly up like Truth Social just did.
Stay tuned. There will be a lot more on this story. On September 24, it was celebrated that Truth Social would be in business until September 24, 2024. That does not appear to be the case now.
Dunning-Kruger for dummies: When you’re too stupid to know you’re stupid.
Boebert and Cawthorn, the twin poster children for this proposition. Their only virtues are that they “looked” like they could be young and rising GOPers. If they both had ugly faces and bodies and had to depend upon brains, education, other attributes, they wouldn’t have made it to square one. We live in the era of TV, where TV has warped our perceptions of what’s important. Image is all. Form trumps substance every time.
I always thought Freddie and Flossie would grow up to be Republicans.
You know, if trump shot someone on 5th Avenue he would claim that the communist, fascist Democrat he shot actually stole the bullets out of his gun through no fault of ‘The Donald’.
He would have some incredible explanation, of that I have no doubt.
“Going out of business is a good thing?”
Well, it all depends on perspective. I mean, there’s an old joke about a man walking into a store with a “Going out of business” sign. As he’s looking around, the store owner comes over to help and he’s got a big smile on his face. The man asks why he seems so happy if he’s losing his business and the store owner moves in closer and says, “This is the 5th year of my ‘going out of business’ sale.”
the doublespeak may not be so much to mollify Trump as to baffle the maga idiots who blew their kid’s bail funds (instead of college funds) on the stock. I’m assuming the people having their money returned are the institutional investors not the shareholders. Trump & Co. won’t want their base to know they screwed up so they can keep milking them and insure that they invest in their next killer business.