Another company that the fearless leader of the cult is associated with could go bankrupt!?!? How is that possible?
"Truth Social faces financial peril as worry about Trump’s future grows Payment disputes and a dwindling audience have fueled doubts about the
former president’s Twitter clone
By Drew Harwell"
"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."
"Representatives from Trump’s company and Digital World did not respond
to requests for comment.
RightForge has advertised itself as a pillar of the conservative push to build a parallel internet protected from “Big Tech censorship.” Its
chief executive, Martin Avila, declined to comment and said, “We fully stand behind the president and his endeavors.”
But two people familiar with the dispute, who spoke on the condition of anonymity to discuss private details, said the lack of payment had
fueled anger that Trump could shortchange a champion of his “free
speech” mission.
The Trump company and RightForge have been communicating with each other exclusively through attorneys in recent weeks, the people said. Digital
World Acquisition’s stock slid about 7 percent on Friday.
Trump’s businesses have faced many similar payment battles over the
years. In past SEC filings, Digital World has also noted that “a number
of companies that were associated with [Trump] have filed for
bankruptcy” and that “there can be no assurances that [Trump’s media company] will not also become bankrupt.”
In fact, Digital World’s filings have been consistently downbeat on the likelihood that Truth Social will be a success. Trump’s company “may never generate any operating revenues or ever achieve profitable operations,” it said in May, and if it is “unsuccessful in addressing [its] risks, its business will most likely fail.”
In June, Digital World said it had been subpoenaed by a federal grand
jury and was facing investigations from both the Justice Department and
the SEC that could delay its merger with Trump’s firm. The deal,
initially planned for this year, is now indefinitely frozen.
Digital World also has said in filings that Trump’s social network will need millions of people to “regularly use” it for the site to achieve commercial success.
But Trump, the site’s most popular user, has fewer than 4 million followers, and the site’s most active trending topics, including #DefundTheFBI, have shown only a few thousand people posting to them in recent days, data from the site shows. For comparison, Twitter says it
has about 37 million people in the U.S. actively using the site every day."
"But in the days since the FBI search of Mar-a-Lago, Truth Social’s viewership has slowed, according to traffic estimates from Similarweb,
an online analytics firm. Its U.S. audience has tumbled to about 300,000 views per day, down from nearly 1.5 million on the day of its launch."
https://www.washingtonpost.com/technology/2022/08/27/trump-truth-social-mar-a-lago-fbi/
Do you think this might simply be yet another grift? Nah, that couldn't be "true". lol
TB
On 8/27/2022 1:19 PM, Technobarbarian wrote:
Another company that the fearless leader of the cult is
associated with could go bankrupt!?!? How is that possible?
"Truth Social faces financial peril as worry about Trump’s future grows
Payment disputes and a dwindling audience have fueled doubts about the
former president’s Twitter clone
By Drew Harwell"
"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."
"Representatives from Trump’s company and Digital World did not
respond to requests for comment.
RightForge has advertised itself as a pillar of the conservative push
to build a parallel internet protected from “Big Tech censorship.” Its >> chief executive, Martin Avila, declined to comment and said, “We fully
stand behind the president and his endeavors.”
But two people familiar with the dispute, who spoke on the condition
of anonymity to discuss private details, said the lack of payment had
fueled anger that Trump could shortchange a champion of his “free
speech” mission.
The Trump company and RightForge have been communicating with each
other exclusively through attorneys in recent weeks, the people said.
Digital World Acquisition’s stock slid about 7 percent on Friday.
Trump’s businesses have faced many similar payment battles over the
years. In past SEC filings, Digital World has also noted that “a
number of companies that were associated with [Trump] have filed for
bankruptcy” and that “there can be no assurances that [Trump’s media >> company] will not also become bankrupt.”
In fact, Digital World’s filings have been consistently downbeat on
the likelihood that Truth Social will be a success. Trump’s company
“may never generate any operating revenues or ever achieve profitable
operations,” it said in May, and if it is “unsuccessful in addressing
[its] risks, its business will most likely fail.”
In June, Digital World said it had been subpoenaed by a federal grand
jury and was facing investigations from both the Justice Department
and the SEC that could delay its merger with Trump’s firm. The deal,
initially planned for this year, is now indefinitely frozen.
Digital World also has said in filings that Trump’s social network
will need millions of people to “regularly use” it for the site to
achieve commercial success.
But Trump, the site’s most popular user, has fewer than 4 million
followers, and the site’s most active trending topics, including
#DefundTheFBI, have shown only a few thousand people posting to them
in recent days, data from the site shows. For comparison, Twitter says
it has about 37 million people in the U.S. actively using the site
every day."
"But in the days since the FBI search of Mar-a-Lago, Truth Social’s
viewership has slowed, according to traffic estimates from Similarweb,
an online analytics firm. Its U.S. audience has tumbled to about
300,000 views per day, down from nearly 1.5 million on the day of its
launch."
https://www.washingtonpost.com/technology/2022/08/27/trump-truth-social-mar-a-lago-fbi/
Do you think this might simply be yet another grift? Nah, that
couldn't be "true". lol
TB
LOL. So what else is new. His businesses have always been on the verge
of bankruptcy his entire career.
| Sysop: | Keyop |
|---|---|
| Location: | Huddersfield, West Yorkshire, UK |
| Users: | 296 |
| Nodes: | 16 (2 / 14) |
| Uptime: | 92:41:59 |
| Calls: | 6,658 |
| Files: | 12,203 |
| Messages: | 5,334,231 |