Tag: TRUTH Social

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Business Donald Trump Social Media

Investors Dump Trump’s Truth Social Site And Withdraw Millions As It Nears Financial Collapse

Failed, one-term, twice-impeached former president Donald Trump’s fledgling social media site, Truth Social, appears to be headed for a quick demise, much like nearly every business venture the Donald has attempted over the course of his life.

According to Reuters, major investors are now withdrawing millions of dollars in financing.

Some investors are backing out of Digital World Acquisition Corp’s (DWAC.O) plan to acquire former U.S. President Donald Trump’s social media firm Truth Social, the blank-check firm said on Friday.

Digital World said it had received termination notices from private investment in public equity (PIPE) investors ending nearly $139 million in investments out of the $1 billion commitment it had previously announced.

That move by some investors could lead to a complete collapse of the deal, which would mean Truth Social no longer has any operating capital. That would lead to the death of the site.

More investors could pull out in the next few weeks, sources said, as they can terminate anytime after the deadline. Many are waiting for DWAC to propose more preferred terms to PIPE investors, sources added.

Truth Social was created by Trump because he was permanently banned from both Twitter and Facebook. The plan was to serve as an alternative to those sites, but Truth Social has suffered numerous setbacks since it first launched.

The biggest problem for Truth Social, however, has been a lack of interest by potential users. So far, the site only has approximately 550,000 active daily users. In contrast, Twitter has 217 million.

Just last month, it was reported that Truth Social was unable to pay its bills, including for the server which hosts the site:

There are signs that the company’s financial base has begun to erode. The Trump company stopped paying RightForge, a conservative web-hosting service, in March and now owes it more than $1 million, according to Fox Business, which first reported the dispute.

The company also has struggled with some basics of corporate operation. The U.S. Patent and Trademark Office this month denied its application to trademark “Truth Social,” citing the “likelihood of confusion” to other similarly named companies, including an app, “VERO — True Social,” first released in 2015.

 

Categories
Business Donald Trump Social Media

Trump’s Social Media Site Is On The Verge Of Financial Collapse

Less than two years since it was founded and went into operation, Donald Trump’s social mediate site, Truth Social, is unable to pay its bills and on the verge of financial collapse.

The Washington Post reports that Truth Social has no reliable source of income, which is likely to doom it:

Six months after its high-profile launch, the site — a clone of Twitter, which banned Trump after Jan. 6, 2021 — still has no guaranteed source of revenue and a questionable path to growth, according to Securities and Exchange Commission filings from Digital World Acquisition, the company planning to take Trump’s start-up, the Trump Media & Technology Group, public.

The company warned this week that its business could be damaged if Trump “becomes less popular or there are further controversies that damage his credibility.” The company has seen its stock price plunge nearly 75 percent since its March peak and reported in a filing last week that it had lost $6.5 million in the first half of the year.

How bad are things at Truth Social? The site is on the verge of lacking a hosting service, which would render it unable to appear on the web:

There are signs that the company’s financial base has begun to erode. The Trump company stopped paying RightForge, a conservative web-hosting service, in March and now owes it more than $1 million, according to Fox Business, which first reported the dispute.

The company has also been unable to trademark its entity name, which means anyone can start up at similar site and name it the very same thing, which would further erode efforts to build a loyal audience:

The U.S. Patent and Trademark Office this month denied its application to trademark “Truth Social,” citing the “likelihood of confusion” to other similarly named companies, including an app, “VERO — True Social,” first released in 2015.

Usage is also fading, especially since the FBI raid on Mar-a-Lago, with its views plummeting to about 300,000 a day, down from 1.5 million on the day of its launch.

Looks like the “great businessman” is about to destroy yet another company.

 

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Donald Trump Social Media WTF?!

According To Devin Nunes, Trump’s Truth Social Has Turned Twitter Into A ‘Ghost Town’

Despite evidence to the contrary, Devin Nunes insists that failed, one-term former President Donald Trump’s social media startup, Truth Social, is doing so well that Twitter has become a “ghost town.”

Just last week, according to Newsweek, we learned how pathetic Truth Social actually is:

Last week, a mobile analytics firm stated that downloads for Truth Social were down more than 90 percent since launching in February. During the week of its launch earlier this year, there were more than 870,000 downloads, which has now fallen to approximately 60,000 downloads a week.

But pay no attention to the man behind the curtain! Devin Nunes says the reports of Truth Social being a flop are exaggerated, even though he and Trump and the ones known for exaggeration (a.k.a. lying).

Appearing on Fox Business Thursday morning, Nunes told host Maria Bartiromo:

“There’s not very much activity over at Twitter right now, especially when you compare it to sites like ours, where we’re just in our beginning stages as we continue to test and bring people on day by day.”

Yeah, that must be why Elon Musk just bought a 9.2% share in Twitter instead of Truth Social, which is such a giant failure that not even Trump posts anything on his own social media platform.

Nunes was also pushing his bullshit during an interview he gave to The Washington Times:

“Bottom line is it’s the fastest-growing social media company in history. There hasn’t been one that has grown faster.

“Because we’re building this from scratch without using any of the tech tyrants, anyone who can cancel us, we have to go methodically, step by step, to ensure both quality and reliability.”

Sure thing, Devin. But did he offer any data to support his claims? Nope. It’s just him doing his best imitation of Trump and lying about everything.

Categories
Congress GOP Social Media

Lauren Boebert Announces She’s Joined Trump’s Social Media Site And Gets Roundly Mocked With 1 Word

Rep. Lauren Boebert (R-CO) wanted the world to know that she had just joined failed, one-term former President Donald Trump’s pathetic social media site, Truth Social, so she made the announcement on Twitter.

Let the irony of that sink in for a moment.

Boebert posted this on Twitter:

“I’m officially on TRUTH Social! Finally we can speak freely without having to worry about annoying some liberal activist high on power and soy milk. If you’re over there, follow my account. If not, get over there ASAP!”

In case you’re wondering, Boebert still has her Twitter account, so apparently all that bullshit about ditching “big tech” was just a lot of overheated claptrap. If she’s now on Truth Social, why does she need Twitter? Could it have something to do with the fact that Trump’s site currently has less than 100,000 users?

Most people were eager to see Boebert go, and trolled her with a resounding “Goodbye!”

https://twitter.com/fmt20/status/1499830235877027846?s=20&t=V3AfVP1y2wuYMs_AxLajcw
https://twitter.com/Beasley1966/status/1499866218961928201?s=20&t=DNw3sQC8IXkZ5U7ALaiMKg

https://twitter.com/la_couper/status/1499817247824506881?s=20&t=XCnz5Qh_Y2l8dh7JnJHlcw
https://twitter.com/kleinbluegirl/status/1499883269105471488?s=20&t=WToB44K-KFm3IZQBSGxY_A
 

Categories
Donald Trump Social Media WTF?!

Twitter Erupts With Mockery After Trump Launches A Social Media Platform He Calls ‘TRUTH Social’

Not content to have already destroyed his own real estate company, the Trump Organization — which is under criminal investigation in multiple jurisdictions — failed, one-term, twice-impeached former President Donald Trump has now decided to launch a social media platform that he believes can compete with Facebook and Twitter, both of which have banned him for his lies about the 2020 election.

Trump made his announcement of the new Trump branded platform (which he’s calling “TRUTH Social”) via his spokesperson, Liz Harrington, who unfortunately hasn’t been kicked off Twitter:

“We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American president has been silenced.”

Actually, the Taliban and Donald Trump have a lot in common, but we’ll leave that discussion for another day.

First of all, just the fact that Trump is calling this TRUTH Social is the height of both hypocrisy and irony. The man doesn’t believe in truth; his every word is a lie.

Also, when you consider that every business the Donald has ever been a part of has either gone bankrupt or is facing indictment, the so-called Trump Media & Technology Group seems destined for a quick collapse. In six months time, it’ll probably be tossed onto the same heap of failure as Trumps steaks, Trump airlines, Trump vodka, and Trump University.

The vast majority of Twitter users who know how to follow the Terms of Service for the platform Trump is so jealous of were only to happy to mock Donnie for his latest harebrained scheme:

https://twitter.com/2112_BA_/status/1450980030654394370?s=20
https://twitter.com/LenaWHU/status/1450988953604018177?s=20

https://twitter.com/sinnndy1/status/1450988781822173196?s=20
https://twitter.com/Jntx78/status/1451000410815275018?s=20