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Donald Trump’s new social media venture said on Saturday it had entered into agreements to raise about $1 billion from a group of unidentified investors as it prepares to float in the U.S. stock market.
He is working to launch a social media app called TRUTH Social that is at least several weeks away.
Donald Trump’s new social media venture said on Saturday it had entered into agreements to raise about $1 billion from a group of unidentified investors as it prepares to float in the U.S. stock market.
The capital raise, details of which were first reported by Reuters on Wednesday, underscored the former U.S. president’s ability to attract strong financial backing thanks to his personal and political brand. He is working to launch a social media app called TRUTH Social that is at least several weeks away.
Digital World Acquisition Corp, the blank-check acquisition firm that will take Trump Media & Technology Group Corp public by listing it in New York, said it will provide up to $293 million to the partnership with Trump’s media venture, taking the total proceeds to about $1.25 billion.
The $1 billion will be raised through a private investment in public equity (PIPE) transaction from “a diverse group of institutional investors,” Trump Media and Digital World said in a statement. They did not respond to requests to name the investors.
Trump Media inked its deal with Digital World to go public in October at a valuation of $875 million, including debt. The social media venture is now valued at almost $4 billion based on the price of Digital World shares at the end of trading on Friday. Trump supporters and day traders snapped up the stock.
Many Wall Street firms such as mutual funds and private equity firms snubbed the opportunity to invest in the PIPE. Among those investors who participated were hedge funds, family offices and high net-worth individuals, Reuters reported on Wednesday. Family offices manage the wealth of the very rich and their kin.
Some Wall Street investors are reluctant to associate with Trump. He was banned from top social media platforms after the Jan. 6 attack by his supporters on the U.S. Capitol amid concerns he would inspire further violence. The Capitol attack was based on unsubstantiated claims of widespread fraud in last year’s presidential election.
“As our balance sheet expands, Trump Media & Technology Group will be in a stronger position to fight back against the tyranny of Big Tech,” Trump said in a statement on Saturday.
The deal also faces regulatory risk. U.S. Senator Elizabeth Warren asked Securities and Exchange Commission Chairman Gary Gensler last month to investigate the planned merger for potential violations of securities laws around disclosure. The SEC has declined to comment on whether it plans any action.
Trump Media and Digital World said the per-share conversion price of the convertible preferred stock PIPE transaction represents a 20% discount to Digital World’s volume-weighted average closing price for the five trading days to Dec. 1, when Reuters broke news of the capital raise.
If that price averages below $56 in the 10 days after the merger with Digital World has been completed, the discount will grow to 40% with a floor of $10, the companies added. Digital World shares ended trading on Friday $44.97.
Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram at the time he was blocked, according to a presentation on his company’s website.
Investors attending the confidential investor road shows were shown a demo from the planned social media app, which looked like a Twitter feed, Reuters reported.
FIRST-QUARTER ROLLOUT
Since Trump was voted out of office last year, he has repeatedly dropped hints that he might seek the presidency in 2024.
Special purpose acquisition companies such as Digital World had lost much of their luster with retail investors before the Trump media deal came along. Many of these investors were left with big losses after the companies that merged with SPACs failed to deliver on their ambitious financial projections.
TRUTH Social is scheduled for a full rollout in the first quarter of 2022. It is the first of three stages in the Trump Media plan, followed by a subscription video-on-demand service called TMTG+ that will feature entertainment, news and podcasts, according to the news release.
In a slide deck on its website, the company envisions eventually competing against Amazon.com’s AWS cloud service and Google Cloud.
TBILISI, Georgia (AP) — Georgia’s parliament has voted in the first reading to approve a proposed law that would require media and non-commercial organizations to register as being under foreign influence if they receive more than 20% of their funding from abroad.
Opponents say the proposal would obstruct Georgia’s long-sought prospects of joining the European Union. They denounce it as “the Russian law” because Moscow uses similar legislation to stigmatize independent news media and organizations seen as being at odds with the Kremlin.
“If it is adopted, it will bring Georgia in line with Russia, Kazakhstan and Belarus and those countries where human rights are trampled. It will destroy Georgia’s European path,” said Giorgi Rukhadze, founder of the Georgian Strategic Analysis Center.
Although Georgian President Salome Zourabichvili would veto the law if it is passed by parliament in the third reading, the ruling party can override the veto by collecting 76 votes. Then the parliament speaker can sign it into law.
The bill is nearly identical to a proposal that the governing party was pressured to withdraw last year after large street protests. Police in the capital, Tbilisi, used tear gas Tuesday to break up a large demonstration outside the parliament.
The only change in wording from the previous draft law says non-commercial organizations and news media that receive 20% or more of their funding from overseas would have to register as “pursuing the interests of a foreign power.” The previous draft law said “agents of foreign influence.”
Zaza Bibilashvili with the civil society group Chavchavadze Center called the vote on the law an “existential choice.”
He suggested it would create an Iron Curtain between Georgia and the EU, calling it a way to keep Georgia “in the Russian sphere of influence and away from Europe.”
The Associated Press
For more than three decades, English football media was a Winter wonderland. An eternal Winter. Winter extending an icy grip over the landscape. But even Winter, it seems, can end up being frozen out. Given the cold shoulder. It’s time to wrap up for Winter, now this particular Winter’s tale has reached its final chapter.
That, with apologies, was the opening paragraph to a column about Henry Winter’s dismissal by the Times, written in the style of Henry Winter for the Times. On the other hand, it’s entirely possible you haven’t the faintest idea what, or who, I’m talking about. Which to an oblique and probably self-defeating extent is actually the point.
Winter is the chief football writer of the Times, at least until he was suddenly made redundant last week. It was the dismissal heard around the world, if by “the world” you mean “the WhatsApp groups of newspaper sports journalists”. And in a low-key, navel-gazing sort of way, a move that actually tells us quite a lot about how, and through whom, we consume football these days.
Because over his 35 years at the Independent, the Telegraph and the Times, Winter probably became the closest thing football journalism has ever had to a celebrity. Players know him. Managers know him. He was ubiquitous, respected, pretty much untouchable. When the Times hired him they announced the signing with a lavish television advertising campaign. And though he rarely set out to ruffle feathers, when he pursued a cause – the Hillsborough survivors’ fight for justice, or his distaste at the cross on the recent England kit – his voice invariably lent that cause extra weight.
Winter and I were colleagues at the Telegraph for seven years, but our interactions were brief. Invariably he was out on the road: notching up hundreds of games a season, thousands of miles, match reports by the kilo, interviews by the ream, pre-season tours, under-21 tournaments, Friday night Championship games: every waking second of every waking day funnelled into this existence, a career that became a life, and vice versa.
On the writing side you might even describe him as a kind of personal inspiration: a reminder of the timeless virtues of simple, elegant prose. Extremely short sentences. Like these. No unnecessary adjectives, no undue nuance, no pun too excruciating. Barcelona v Chelsea is “the Catalans among the London pigeons”. Birmingham 0-7 Liverpool is “seven-up for Liverpool, grapes of wrath for Steve Bruce”. Mario Götze’s winning goal in the 2014 World Cup final becomes “Mario de Janeiro.” The fans are invariably “wonderful” or “magnificent”.
And what was this existence? Perhaps from a non-industry perspective, the most macabrely fascinating aspect of Winter’s career is the way it represents one of the media’s last concerted attempts to embody what you might term “the authentic voice of football”: authoritative, omniscient, unaffiliated, gospel. Ultra on the streets, Shakespeare on the sheets. And by extension the idea that this sport is a common space, a singular space. That when we watch football we are all essentially watching the same thing, together.
This is, in case you hadn’t noticed, an idea that has been in recession for quite some time, a process that largely mirrors the evolution of the football media as a whole. But for decades it was the way we all received the game: through the giants of television and radio, the doyens of Fleet Street, camel-coated men who offered not so much opinion but judgement. When Alan Hansen said something on Match of the Day, or Brian Woolnough opined in the Sun, it became truth by the very dint of being uttered, by the sheer absence of alternative or dissenting voices.
More latterly that role was assumed by Twitter, a website where – as a friend once memorably described it – journalists could pretend they were celebrities and celebrities could pretend they were journalists. Naturally Winter, with his million-plus followers, was at the vanguard of the migration, holding court in the digital town square, still road-testing those puns, still toasting those magnificent fans.
But, under the surface, the terrain has been fracturing for years: attention and influence draining away not just from traditional newspapers, but from everybody. Even television has lost its power to unite us: its live action now mostly paywalled, its pundits now invariably partisan, its content disposable. What once constituted our shared football space has splintered into a million galaxies: forums and fan media, podcasts and YouTube channels, blogs and specialist websites, Reddit and TikTok, the curated feeds that allow us to view a game through whatever filter we choose: tribal, social, banter, fantasy team.
The old world – a drowned world of traditional gatekeepers and newspaper dukes and lukewarm Gareth Southgate quotes embargoed until 10.30pm Friday – is gone. And perhaps the last people yet to notice are the dwindling few still inside it.
What might an “authentic voice of football” sound like in 2024? What kind of journalist could meaningfully speak to all the sport’s various silos? They would need to be an expert in men’s and women’s football, the game’s social and historical context, geopolitics and finance, transfers and tactics, analytics and sports science, banter and rage, all the major European leagues and quite a few others besides. And, of course, they would be conversant in all the dizzying new languages of visual media, across all conceivable formats and platforms. That person, in case you’re wondering, doesn’t actually exist. It’s all football. But increasingly, it’s too big for any one entity to conceive, let alone cover.
And for the avoidance of doubt, none of this is necessarily a bad thing. For all its inequities and inefficiencies, the landscape of football media is broader and richer place than it has ever been. You have Fabrizio Romano for transfers, Grace Robertson for tactics, Versus for football culture, Stadio podcast for the global game, Mark Goldbridge for performative rants about Erik ten Hag, the Guardian for chin-strokey think-pieces written by the guys picked last at PE. In a way, there has never been a better time to consume football. The garden is blooming. But for spring to begin – and yes, you know it’s coming – first winter has to end.
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The platform remained inaccessible to users, but government officials refused to acknowledge any restrictions, until now.
Pakistan blocked access to social media platform X around the time of elections in February, the interior ministry said, citing national security concerns.
Users had reported problems using the platform, formerly known as Twitter, since mid-February, when jailed former Prime Minister Imran Khan’s party called for protests against a government official’s admission of vote manipulation.
At the time, both the government and the Pakistan Telecommunication Authority (PTA), the state regulatory body, refused to comment on the outages that were also widely reported by internet watchdog groups.
On Wednesday, the Ministry of Interior mentioned the shutdown in a written court submission.
“It is very pertinent to mention here that the failure of Twitter/X to adhere to the lawful directives of the government of Pakistan and address concerns regarding the misuse of its platform necessitated the imposition of a ban,” said the report, seen by the Reuters news agency, which confirmed the long-suspected shutdown.
“The decision to impose a ban on Twitter/X in Pakistan was made in the interest of upholding national security, maintaining public order, and preserving the integrity of our nation,” the ministry said, according to the report submitted to the Islamabad High Court in a challenge to the shutdown.
It additionally said the platform had been reluctant to resolve the issue.
Activists challenging the ban said it was designed to quash dissent after the February 8 general elections that were marred by widespread opposition claims of vote rigging and protests.
The authorities had shut down mobile services on the day of the elections, citing security concerns. NetBlocks, an internet monitor, also reported that users could not access X on February 10 while the country was awaiting the results.
The decision to temporarily block X was taken after considering confidential reports from Pakistan’s intelligence and security agencies, the report said.
It claimed that “hostile elements operating on Twitter/X have nefarious intentions to create an environment of chaos and instability, with the ultimate goal of destabilising the country and plunging it into some form of anarchy”.
The Sindh High Court on Wednesday ordered the government to restore the platform within one week, the AFP news agency reported, citing lawyer Moiz Jaaferi, who launched a separate challenge against the ban.
Access to X has been sporadic, occasionally available for short cycles based on the internet service provider, forcing users to use virtual private networks, said Alp Toker of NetBlocks.
Khan’s Pakistan Tehreek-e-Insaaf (PTI) party is the most prolific user of social media platforms, particularly after the country’s traditional media began censoring news about the former cricket star and his party in the run-up to the polls. Khan has 20.6 million followers on X.
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