Truth Social SPAC Down, Kemp To Testify

Welcome to the Checks & Imbalances newsletter. Today we look south to Florida and Georgia.

Truth Social SPAC Down 9% As Trump Denies Reports Of Financial Trouble

“Shares of Digital World Acquisition Corp (DWAC), the blank check company with plans to take former President Donald Trump’s media site Truth Social public, fell 9% Monday morning after Trump denied recent reports the company is struggling financially and owes more than $1 million in unpaid fees to a conservative vendor,” reports Madeline Halpert:

In a post on Truth Social Saturday, Trump claimed the “Fake News Media is devastated by how well TRUTH is doing,” so they are “working overtime to criticize and demean it,” after several outlets reported the company is facing financial woes, including owing one of its vendors, RightForge, a company that provides internet hosting services for conservative causes, $1.6 million in backdated payments…

In his post on Truth Social on Saturday, Trump claimed that although the media has said Truth Social is “doing worse” since federal agents searched his property earlier this month, the social media platform is actually “doing MUCH better, up more than 550%.”

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In Case You Missed It

Watch: Biden Administration Gives First Acknowledgement It Is Conducting Review Of Mar-A-Lago Situation

Continuing Irresolutions

Updates on Checks & Imbalances’ previous reporting

The legal defense fund for Sen. Richard Burr (R-N.C.) received no contributions from April through June, according to a disclosure the fund filed with the Secretary of the Senate. Since its inception, the fund has pulled in $575,000 from donors, including the campaigns or personal accounts of 42 current or former lawmakers. In January 2021, the Justice Department closed its investigation into Burr for allegations of insider trading without filing charges.

*****

Big Lie peddler John Eastman has now raised $250,000 for his legal defense fund via Christian crowdfunding site GiveSendGo.

Georgia Gov. Kemp Must Testify In Fulton County DA’s Trump Election Probe, Judge Rules

“Georgia Gov. Brian Kemp (R) must testify before a grand jury in an investigation into former President Donald Trump’s effort to overturn the state’s election results, a state judge ruled Monday, denying the governor’s effort to get out of testifying in Fulton County District Attorney Fani Willis’ probe—but delaying his testimony until after the midterm elections,” reports Alison Durkee:

The governor will also only have to testify after the general election on November 8, McBurney ruled, when Kemp will run for reelection and face off against Stacey Abrams.

Delaying Kemp’s testimony is the “sound and prudent course,” McBurney ruled, noting the investigation “should not be used by the District Attorney, the Governor’s opponent, or the Governor himself to influence the outcome of [the gubernatorial] election.”

Kemp’s office told Forbes in a statement the ruling was “consistent with our position” and the judge “correctly paused” the testimony until after the election, stating the governor would work with the court and DA’s office “to ensure a full accounting of the Governor’s limited role in the issues being investigated is available to the special grand jury.”

Tracking Trump

Forbes continues to update “Tracking Trump: A Rundown Of All The Lawsuits And Investigations Involving The Former President.”

Editor’s Picks

• “A Rare Peek Inside the Vast Right-Wing Conspiracy” (New Republic)
• “How Raphael Warnock Doubled His Income Since Joining the Senate” (The Washington Free Beacon)
• “President and Treasurer of Super PAC Sentenced for Dark Money Scheme” (Department of Justice)
• “Document reveals identity of donors who secretly funded Nikki Haley’s political nonprofit” (Politico)
• “McCarthy PAC’s new offense play” (Axios)
• “GOP leaders warn Arizona Senate candidate Blake Masters to raise more money — or risk losing to Democrat Mark Kelly” (CNBC)
• “Florida Gov. Ron DeSantis’ war chest dwarfs fundraising by Democratic gubernatorial challenger Rep. Charlie Crist” (OpenSecrets)
• “Dr. Oz aims to defend the energy industry, which has boosted his nonprofit and Pennsylvania Senate campaign” (CNBC)
• “Privacy bill triggers lobbying surge by data brokers” (Politico)
• “Wall Street Rails Against Costs of Chairman Gary Gensler’s Regulatory Agenda at SEC” (The Wall Street Journal)
• “What PR firms are doing for Ukraine’s Ministry of Culture” (Politico)
• “A bunch of Hollywood types are throwing a fundraiser next month for Beto O’Rourke in Los Angeles. Rob Reiner, Ted Boutros, and host James Costos. Tickets from $2,500 to $25,000.” (Twitter/Teddy Schleifer of Puck News)
• “71 members of Congress have violated a law designed to prevent insider trading and stop conflicts-of-interest” (Insider)

In Closing

“Every day is an unpaid bill”

— David Byrne, “Every Day Is A Miracle”