It’s the beginning of the end times for Truth Social. TS is ready to take its place in the graveyard along with Trump Steaks, Trump Vodka, Trump University, and all the other eponymously named business failures in Donald Trump’s life. Truth Social hasn’t filed a recent earnings statement with the Securities Exchange Commission, which it is required to do, so now deadlines and conditions are being set up. If they can’t be met and complied with, ta ta Truth Social. Bye bye. Sayonara. Forbes:
In a May 18 filing, Digital World Acquisition, a special purpose acquisition company (SPAC) that signed a deal in 2021 to merge with Trump’s media company to take Truth Social public, reported to the Securities and Exchange Commission it had made accounting errors in its annual financial report for 2022.
The year-end report can “no longer be relied upon,” Digital World told regulators, and the company is now developing a remediation plan to address the “material weakness” in its “internal control over financial reporting,” per the filing.
This is the kiss of death. But it gets worse. Truth Social has not filed an earnings statement for Q1 and it has until July 24 to do that. If it misses that deadline it will be delisted from the stock exchange. Another kiss of death.
There are a couple of big deals here: One is whether preliminary merger discussions between Digital World and Trump Media violated federal securities laws. That’s being investigated by the SEC. The other investigation is looking at whether a group of early investors in Digital World — who were brought into the deal by Patrick Orlando (who got fired recently as the CEO) — engaged in improper trading.
Bottom line, the merger needs to be completed by either September or November, depending on which account you read, or Trump has to repay investors over $300 million.
If the merger with Digital World doesn’t go through, Trump will likely need to find a new source of income to fund his Twitter competitor, Truth Social. While Trump Media & Technology Group is estimated to be worth between $5 and $25 million, the former president made less than $200 in income from the firm, Trump reported to the Federal Election Committee in April.
Trump isn’t going to find another source of income. Not unless he pulls a real rabbit out of a hat. Maybe his Saudi buddies would come through with money to keep Truth Social on the internet? I don’t see how that’s possible. The real problem with Truth Social is that it was anticipated it would grow exponentially faster than it has grown. It was going to be a competitor for Twitter in a few years. At its present rate of growth it’s guestimated that Truth Social might be in the Twitter league in a few decades.
Truth Social is not a viable company. It’s going to go down in flames, and while Trump is running for reelection. I guess we’ll see him soon over on Twitter way, where else? And if his MAGA followers are expecting their investment to be repaid, lots a luck with that.
Over on twitter? After the Elon/DeSantis bromace has bloomed full flower? Talk about awkward. Let’s face it, if Trump’s “Truth” Social winds up flushed down his fake gold toilet and Trump needs twitter again he issue an ultimatum to Musk – DeSantis or ME. Trump simply won’t tolerate having to share the platform with DeSantis. Sadly, Trump would make Musk/twitter a helluva lot more money than DeSantis so Musk will be between a rock & a hard place. If Trump calls on MAGA nation to destroy twitter it’s value will take yet another hit. DeSanits is expendable from a business standpoint. It could be fun watching this play out!
Musk put a tweet up yesterday that “all” presidential candidates are welcome on Twitter. So he’s covered. Trump is in no position to dictate to him.
And Truth Social may physically still be there in the fall, but I see no way, from all that I’ve read, that is can possibly make it into 2024. It will go down in flames either September or November. Unless Trump gets some miraculous help, it will not be on the internet in 2024. Frankly, I’ll bet that Trump is probably resigned to TS going under.
diapers is in no position to dictate anything to anybody. The g.q.p. just thinks he’s in that position because they are spineless little whiners. If any one of them not only went after the criminal f*ck but also stuck to their guns about it, they’d probably have many of the magats love and adulation. The problem is, once diapers starts in with the juvenile name-calling and whatnot, every ‘pube backs down. Not a damned one of them has any testicular fortitude…not even the ladies. lmao
Not replying to you really just could not figure out how to comment. But I think the author of the article is conflating Truth Social with DWAC. They have not merged yet. DWAC is in a heap of trouble but Truth Social unfortunately is not and they aren’t merged yet….so Truths can continue to be annoying after DWAC is shut down, Trump just won’t get their inflow of cash, but he can run it with his political donations as sketchy as that MG is.
Given everything we know about Trump, what on earth makes you think that even if he was flush financially he’d use his own money?
Maybe he can get Elon Musk to buy it.
He’s used to backing losers in the social media arena.
Even Musk wouldn’t touch this one with a ten foot pole. It’s too problematic. There are the SEC investigations and the cash flow issues. It’s not just one thing, it’s the whole structure being rotten.
You realize that Musk (and twitter) is financed largely by the CCP. Tesla makes NO money without China and they (and Sequoia Capital, a CCP asset) is where most of Twitter’s funding came from. Musk is no savior for Twitter.
down till you got personal at the end.
news is not opinions
This is not a news site but rather a site featuring some of the more outrageous, etc. political issues and people. It brings to the forefront political stories from other sources and then expounds upon them. Ursula, Murfster, denis, they do not go out and do investigative journalism. Opinion is kind of the point of Politizoom. If you want just news and nothing but, go to the A.P. or PBS News hour maybe.