Less than two years after its launch, Donald Trump’s social media site, Truth Social, could be headed for the internet graveyard. The presentations show that the Truth, as many Trump companies, has lost enormous amounts of money ($73 million, in this case) and is inevitably drifting toward insolvency. The site’s business partners appear concerned that they will not recoup their losses anytime soon.
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The embarrassing financial news was revealed in a Securities and Exchange Commission presentation made this week by Digital World Acquisition Corp (DWAC), the shell company behind a failed attempt to take the social media business public. It claims that Truth Social has only generated $3.7 million in revenue since launching in Q1 2022. By contrast, the company lost $50 million during that year and lost an additional $23 million in the first half of 2023.
It’s certainly a bad look for a business that already seemed pretty shady and was obviously more than a little dysfunctional.
For months, DWAC, a special purpose acquisition company, has been trying to finalize a merger with Trump Media & Technology (TMTG), the company that owns Truth Social, in hopes of taking the business public through a SPAC deal. However, since the merger plans were announced last year, there have been plagued by regulatory investigations and financial problems and, in its recent filing, DWAC is concerned that if the merger between it and TMTG falls through, Truth Social may not survive much longer. The presentation states:
“As of June 30, 2023 and December 31, 2022, management has substantial doubt that TMTG will have sufficient funds to meet its liabilities. as they become due, including liabilities related to notes previously issued by TMTG…TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward the completion of its merger with Digital World.”
If Truth Social were to wither and die in this way, it would seem a fitting end for a platform that has already endured a predictably ridiculous life cycle.
that life began In February 2022, just over a year after Trump was banned from some of the most popular websites on the Internet, including Facebook y Gore-about his supposed role by cheering on the January 6 crowd that later stormed the nation’s capital in a blatant violent idiot sign.Trump, blacklisted from the mainstream web, set out to launch his own social site, which the former president promised would be a haven for “freedom of expression.”
After its release, Truth Social immediately suffered setbacks. She was accused of improper scamming code from Mastodon, the Fediverse open source site. Suffered from numerous UX issues, such as long waiting lists, registration issues, and other technical weaknesses that made navigation difficult for users. And sailed through several financial and regulatory obstacles as it sought to establish itself as a place where MAGA crowds would want to gather digitally.
Ironically, despite Trump’s promises of a censorship-free environment, A study published last September showed that Truth Social’s content moderation strategy was decidedly more aggressive than other competing sites. From this, one could easily draw the conclusion that the site has functioned less as a safe haven for users than Trump’s, as the billionaire has perpetually used the site to launch unhinged verbal attacks about their political and legal enemies, those who would probably have been “censored” elsewhere.
Trump’s truth problems are just part of an aggravation financial y legal shit storm that the former president is currently going through. The theme of four active court casesTrump is potentially financial danger As a result. On top of everything, he’s running for president again because, fuck it, why not? That’s probably the only way to get out of the hole you’re in, and after all, it worked out great for everyone the first time around.
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2023-11-14 20:59:56
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