Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
But #TrumpMedia almost didn’t make it to the merger after #regulators opened a #securities investigation into it in 2021 & caused the co to burn through cash at an extraordinary rate as it waited…for its IPO.
The situation led TrumpMedia to take emergency #loans, incl’g from an entity called #ESFamilyTrust, which opened an acct w/ #PaxumBank, a small bank registered on the #Caribbean island of #Dominica best known for providing #financial services to the #porn industry.
The trust’s existence has previously been reported…. However, who controlled the acct, how the trust was connected to Paxum, & how the money had been funneled thru it to TrumpMedia was unknown.