Holy anticlimax, Batman! It’s going on 24 hours since Elon Musk rolled out the red carpet to Donald Trump to return to the Mount Of the Great Blue Bird and sing his lungs out to the digital millions waiting for his first utterance (61 million when last I looked.) But instead? What do we get? Silence.
And that’s not all. No, the silence would be deafening in any event, but the fact of the matter is, Trump is not silent elsewhere. No, Sir, he is not. He is happily posting on Truth Social — well, let’s say he’s posting on Truth Social. Whether he is happily doing so, is certainly up for debate.
Now there is a slim possibility that Trump will repost these comments on Twitter after eight hours have passed, because that is something he agreed to do contractually — and we know Trump never breaks a contract, right? And if that were the only consideration, we have no doubt he would have already broken the contract. Because he’s got a lot to say, here’s the proof of that.
It’s vintage Trump and at 7:30 p.m. ET, he even posted a campaign ad. So he is cooking.
So WHY is he not cooking on Twitter? Because to do so, to return, would be an admission of the failure of Truth Social and we all know that admitting to a loss is not Trump’s high card.
In addition to that, the timing of this could not be worse. Is Musk out to stab Trump in the back? Because he very well might be. If we can read the New York Post and other papers and know what’s going on with Truth Social and its financial woes, it’s a cinch that he can.
What we read there is that Patrick Orlando, the CEO of Digital World and Acquisition Company, the company that wants to merge with Trump Media & Technology Group, the company that owns Truth Social, has been putting his own money into keeping DWAC from liquidating so that he can achieve that merger. Orlando put $3 million into extending the time for shareholders to vote and he’s got it extended now until November 22. “If he doesn’t win the Nov. 22 vote, Orlando could deposit another $3 million by Dec. 8 to keep DWAC operating another three months as it waits for SEC approval to buy Truth Social,’ says the New York Post.
If the deal is approved by shareholders and the SEC finally clears it, it will infuse the money-losing social network with $1.25 billion in cash. Voting for the deal is also in shareholders’ interest: DWAC’s shares are trading above $20 and they would receive just $10 each if the deal is liquidated.
It’s in Trump’s interest, too: Faced with a Twitter ban and increasing disinterest from TV networks, Truth Social may be his best platform as he mounts a 2024 presidential bid.
Nevertheless, Trump has backed away from promoting Truth Social’s merger. Late last year, the Securities and Exchange Commission launched a probe into whether DWAC’s founders had advance knowledge of its target company before listing its shares in September 2021 — a violation of securities laws. Insiders believe Trump, already under investigation over the Jan. 6 riots, wants to avoid yet another fight with the feds.
That presents a tough climb for DWAC, which needs 65% of shareholders to approve extending the merger deadline. […]
As the clock is ticking toward the liquidation date, the likelihood of getting the deal done decreases. Trump has also previously considered merging Truth Social with other conservative “free speech” platforms like Rumble and Parler.
Now, the article was published the day before Musk reinstated Trump, so that does change the facts a little bit, but not as much as you might think. The bottom line here is that it’s going to be a big money infusion for Truth Social or nothing — and a lot of people are betting nothing.
But apparently Trump is betting that he’s going to come out of this a winner. And if Truth Social does go down the tubes, then he has the option to merge it with Rumble or Parler, and if I had to bet one, I would bet Rumble.
Or, he gets out of the social media business and returns to Twitter to campaign for president in 2024.
I think it’s safe to say you won’t see Trump back over on Twitter until he exhausts the possibility of Truth Social staying afloat and that could be December 8, or another three months from now, or who knows when? Maybe Patrick Orlando can just keep pumping $3 million in every three months but I seriously doubt that.
Trump wants to have Twitter available as a back door. And if he does come through that back door, it will be with some cock and bull story that it was his idea all along, how to phase Truth Social out and return to the new, improved, free speech giant that Twitter will then be, with Trump back on the platform with tens of millions of followers.
Meanwhile, Elon Musk did say something right. He reworked Occam’s Razor to “the most entertaining outcome is the most likely.” And the most entertaining outcome might be the one where the joke is on him.