Blank-check company and Chinese finance
To facilitate becoming a publicly traded company, a special-purpose acquisition company (SPAC) called Digital World Acquisition Corp (DWAC) was created with the help of ARC Capital, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that has been a target of SEC investigations for misrepresenting shell corporations.[27][28][29][30] ARC also provided at least $2 million to get DWAC off the ground through a Singapore-based fund.[30] Led by China-based banker Abraham Cinta, ARC Capital's global links included offices in Shanghai, Wuhan, Mexico City, and Jakarta, which Bloomberg News described as "surprising", due to Trump's comments on various foreign countries in office.[31][32] Some investors were surprised to learn their investment money was being used to finance a Trump company.[33] The DWAC chief executive Patrick Orlando, a Florida-based financier and former Deutsche Bank trader, was also the chief executive of the Wuhan-based Yunhong Holdings/Yunhong International, registered in the offshore tax haven of the Cayman Islands.[34][35][36][37] In an October 2021 SEC filing, the special-purpose acquisition company Yunhong International stated its goal was to "capitalize on growing opportunities created by consumer/lifestyle businesses that have their primary operations in Asia."[38] Reuters quoted a deleted presentation from 2020, in which ARC Capital said it "was able to craft a Wuhan-based SPAC sponsored by a family office, structured by ARC in Singapore, to allow our client to enjoy the flexibility and benefits of the U.S. financial markets."[30] Yunhong was liquidated in December 2021, while its backers remained involved with the DWAC and Truth Social venture.[39][30] An additional backer of the Trump social media venture, becoming the CFO of Digital World Acquisition, was Brazilian parliamentarian Luiz Philippe of Orlรฉans-Braganza, a monarchist allied with Jair Bolsonaro.[35][40]
https://en.m.wikipedia.org/wiki/Truth_Social