Truth Social and the Cayman Islands Connection

Just when you thought the presidential campaign of Donald J. Trump couldn’t get any weirder… it does.

This time the weird ball has bounced into the court of Trump’s social media platform, Truth Social.

Recent regulatory filings reveal that a secretive investment fund has committed to purchasing a yacht-load of stock, up to $2.5 billion worth, in Truth Social’s parent company on an ongoing basis under a so-called “standby equity purchase agreement.” That fund operates through a limited partnership based in the Cayman Islands, a tax haven for billionaires and others with money they seek to shelter from sight.

A March 2022 report by the BBC, for example, states that “British Overseas Territories such as the British Virgin Islands and the Cayman Islands, are also favourite destinations” for Russian money.

“A report by Global Witness said that in 2018, Russian oligarchs had an estimated $45.5bn (£34bn) in these tax havens,” the BBC reported.

The fund linked to Truth Social’s parent goes by the obscure name of YA II PN LTD — also referred to simply as “Yorkville” in regulatory filings.

The revelation is drawn from a complicated mish-mash of financial disclosures made with the U.S. Securities and Exchange Commission (SEC) related to Trump’s…