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Truth Social faces financial peril as worry about Trump's future grows
Former president Donald Trump’s social-media company is facing financial doubts, puny traffic and fears of further trouble if his popularity falls.
Former president Donald Trump’s Truth Social website is facing financial challenges as its traffic remains puny and the company that is scheduled to acquire it expresses fear that his legal troubles could lead to a decline in his popularity.
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.
The FBI search of Mar-a-Lago, Trump’s Florida estate, fueled a burst of Truth Social user activity, and Trump himself has increasingly used the site as one of his main online megaphones. “WE GAVE THEM MUCH,” he said, or “truthed,” on Friday in reaction to an FBI affidavit about classified documents kept at his Palm Beach home.
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.
The FBI search of Mar-a-Lago, Trump’s Florida estate, fueled a burst of Truth Social user activity, and Trump himself has increasingly used the site as one of his main online megaphones. “WE GAVE THEM MUCH,” he said, or “truthed,” on Friday in reaction to an FBI affidavit about classified documents kept at his Palm Beach home.
PayWall: https://www.washingtonpost.com/technology/2022/08/27/trump-truth-social-mar-a-lago-fbi/
6 replies
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= new reply since forum marked as read
He's going to CANCEL himself!!!
