Truth Social, Donald Trump's attempt to create a right-wing clone of Twitter, might be days away from dissolution. The social media platform's fate will be decided by a crucial vote later this week, the Washington Post reported on Saturday (Sept. 2).

The eventual fate of Truth Social was seeded back in October 2021, when Trump Media & Technology Group (TMTG)—the platform's parent company—announced its plans to merge with Digital World Acquisition Corporation (DWAC), a Miami-based company. The intent of the merger was for TMTG to go public via a SPAC (special purpose acquisition company) deal. The two companies had between 12 and 18 months to complete their merger.

The deadline for the merger to close, which has been extended at least five times, is now scheduled for Sep. 8, 2023. A shareholder meeting has been scheduled for Tuesday (Sep. 5), in the hopes of garnering enough votes to extend the deadline by another year.

Typically, deadline-extension votes like these are easily approved because SPAC shares are purchased by large professional or institutional investors. But DWAC's shareholder base is made up largely of small-time retail investors, many of whom likely bought shares out of loyalty to Trump or his brand. Such a cohort is likely not paying attention to the liquidation deadline, Jay Ritter, a University of Florida finance professor, told the Washington Post.

If the vote fails, DWAC will be required by law to liquidate and return $300 million to its shareholders, leaving Trump's company high and dry.

Quotable: DWAC is seeking a "Yes"

"Our SPAC is at a defining crossroads. The proposal to approve the Extension, giving us time to potentially complete the business combination with Trump Media & Technology Group Corp., isn't just a formality; it's a decision deeply rooted in our shared vision for freedom of speech, innovation, and growth. As the Special Stockholders Meeting approaches, I earnestly urge each stockholder to cast their vote in favor of this extension. Every vote is essential for our ability to progress with the merger."

—Eric Swider, the CEO of DWAC, in an Aug. 16 regulatory filing