What goes up must come down. Spinning wheel got to go round. — Spinning Wheel, Blood Sweat and Tears
You didn’t need a crystal ball to figure out this one was coming. Like all things Trump, Truth Social was geared as a fast grift, designed to enrich insiders while the stock went up up up, and to allow Donald Trump to hang onto a lot of cash when the inevitable down down down came.
Thursday of last week Truth Social had an incredible trading day, quadrupling its stock in just 24 hours. As of this writing, the closing bell on the stock exchange rang a short while ago and Digital World Acquisition, Trump’s SPAC company, closed another 7% down, which is 28% down for the entire week and a 61% drop off it’s all time high of 175, which it reached one week ago today. The stock is still up overall but it may have hit its zenith.
However, a 61% stock drop is bupkis when you consider the larger picture, which is that Truth Social is set to die on the launch pad if it doesn’t get in compliance toute suite with Mastadon’s rule about disclosing modifications to their source code. Newsweek:
Mastodon is an open-source social media framework that aims to allow people to create online platforms without relying on big tech. However, its AGPLv3 license requires users to make the source code and any modifications public. In the Friday blog post, Mastodon’s founder, Eugen Rochko, said that his company had warned Truth Social that its license could be permanently revoked within a month if it does not comply with this requirement.
“On Oct 26, we sent a formal letter to Truth Social’s chief legal officer, requesting the source code to be made publicly available in compliance with the license. According to AGPLv3, after being notified by the copyright holder, Truth Social has 30 days to comply or the license may be permanently revoked,” Rochko wrote.
The clock is ticking. It’s unclear at this time whether Mastadon is the only game in town for Truth Social or if they could hire their own developers to write code. Bear in mind two things: anything Trump gets involved with is not usually staffed with high level professionals because of his reputation for stiffing people. Secondly, he had problems keeping his tiny blog on the internet and that was not one fraction as complex as this Twitter/Disney rival he has on the drawing boards. The two are not in the same conceptual universe.
This will be interesting to watch. Mark your calendars for November 26, the day after Thanksgiving. You’ll be eating leftover turkey and Trump may be sitting with leftover social media platform — and a pile of cash. Which would suit him just fine.