BLOOMBERG - Trump Media & Technology Group (TMTG), the entity behind Truth Social, is seeking $1.5B in damages from news organizations for erroneously reporting a $73M loss. TMTG filed a lawsuit accusing 20 news outlets, including The Guardian and Reuters, of a "deliberate, malicious, and coordinated attack" against Truth Social. The outlets had reported the incorrect figure based on a regulatory filing by TMTG's merger partner. Some outlets, including Reuters, later corrected the mistake, attributing it to misinterpreting a $50.5M profit as a loss.
41 posts categorized "TRUTH Social"
Trump's Truth Social Parent Company Sues 20 Media Outlets
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Truth Social Reports $73M Losses in 16 Months Since Feb 2022 Launch
DEADLINE - Donald Trump's Truth Social faces financial challenges, recording a $73M loss in its first 16 months, as revealed in a recent SEC filing. Launched in Feb 2022, Truth Social aimed to rival liberal media and counter Big Tech's influence. The platform, born from a merger with Digital World Acquisition Corp, faced SEC scrutiny. Despite Trump's vision to create a conservative alternative, financial struggles persist, questioning the platform's long-term viability amid increasing competition.
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SPAC Returns Remaining $533M Raise for Trump Social Media Deal
REUTERS - Digital World Acquisition Corp (DWAC), a blank-check acquisition company set to merge with Trump Media & Technology Group (TMTG) for the creation of the Truth Social platform, has decided to return $533M to investors. This action follows the backtracking of $467M in commitments. It leaves DWAC with $293M raised in its initial public offering, which is set to go to TMTG upon deal closure. The move raises doubts about the completion of the merger and TMTG's future funding options.
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Critical Vote on Truth Social's Parent Company's Fate Looms This Week
FORBES - The parent company of Truth Social, former Trump's social media platform, faces a crucial shareholder vote this week. The vote will determine whether Trump's media startup goes public after more than a year of delays and regulatory scrutiny. The merger between Trump Media & Technology Group and Digital World Acquisition must either close or extend its deadline by Sep 8, or the latter will have to return the $300M raised to its shareholders, preventing Truth Social from going public.
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Trump Media's SPAC Faces Liquidation Due to Lack of Shareholder Votes
THE MESSENGER - Digital World Acquisition Corp, the SPAC planning to merge with Trump Media and Technology Group, lacks shareholder support to extend the merger deadline. If the deadline is not extended, a forced liquidation is imminent. Former President Donald Trump's media company, including Truth Social, is affected by this potential liquidation. The fate of the merger will be determined by a vote on Sept 5, with a liquidation deadline of Sept 8.
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Truth Social Media Company Settles With The SEC
CNN - The Securities and Exchange Commission (SEC) settled with Digital World Acquisition Corporation (DWAC) over anti-fraud violations related to its merger deal with Trump Media & Technology Group (TMTG), the company behind Truth Social. DWAC will pay an $18M penalty if the merger transaction is completed.
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Truth Social Speaks out Amid Complaints Platform Is Banning Accounts
NEWSWEEK - Truth Social, Donald Trump's social network, is under scrutiny as numerous users report being banned. The bans range from sharing certain news links to making critical comments about Trump. While Truth Social attributes the bans to bot mitigation measures, many users express dissatisfaction and claim unfair treatment. The company emphasizes its commitment to safety and offers an appeals process.
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On Trump's Social Network: Ads for Miracle Cures, Scams and Fake Merchandise
NEW YORK TIMES - Truth Social, the social network started by Trump, has struggled to attract large brands. Ads from major brands are nonexistent on the site. Instead, the ads on Truth Social are for alternative medicine, diet pills, gun accessories and Trump-themed trinkets. Truth Social raised ~$37M, mainly from Republican political donors, but it is burning through ~$1.7M each month.
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Trump Prepares to Give up Truth Society to Go Back to Facebook and Twitter
TECH STORY - Donald Trump is preparing to dissolve his entirely separate correlation with his private social media website Truth Society to go back to conventional sites such as Twitter and Facebook. Trump, who is preparing to compete for the Republican nomination for president in 2024, has told trusted friends that he's going to look ahead to the expiry date of a "social networking confidentiality term" with Truth Social.
by Tanishqua Ghura
See full article at Tech Story
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Trump's Social Network App Is Now Available in the Apple App Store
NATION WORLD NEWS - Trump's social network, Truth Social, is now available for download on Apple's App Store. However, access to the service appears to be limited for now. The registration process to access the platform ended in a waiting list that already had over 150K registered.
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Truth Social Is Rising as the Anti-Mastodon
WIRED - Truth Social's popularity has seen boosts tied to the recent chaotic news cycle about Twitter. It boasted 10M visits in Nov so far, up from ~ 8M in Oct. Truth Social is both a replica and the antithesis of Twitter-like social network Mastodon. Focused on dialog and respect instead of ads, profit, and virality - meant to disincentivize trolls - Mastodon grew slowly. Mastodon also has heavy moderation capabilities, allowing server administrators to act on hate speech and other inappropriate content.
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Truth Social's Influence Grows Despite Its Business Problems
NEW YORK TIMES - Truth Social, the right-wing social network, has faced one business calamity after the next since it launched in February. Two executives resigned after its app launch was mired with problems. Another executive was fired after filing a whistle-blower complaint, claiming that Truth's parent company was relying on "fraudulent misrepresentations." Two federal investigations are putting $1.3B in much-needed financing in jeopardy. Truth Social's long-term future remains in doubt.
by Stuart A. Thompson & Matthew Goldstein
See full article at New York Times
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Who Funded Trump's Truth Social?
REUTERS - A cache of documents provided by lawyers representing William Wilkerson shows Truth Social's early backers include six businessmen outside of the Silicon Valley mainstream. Karl Pfluger, president of Midland, Texas oil and energy company Oryx Midstream Services owned by private equity firm Stonepeak Infrastructure Partners, put in $9.8M. Patrick Walsh, CEO of the holding company that controls luxury gym brands including TMPL, Palm Beach Sports Clubs, and LIV, invested a total of $6.2M. Texas telecom billionaire Kenny Troutt, a vocal Trump supporter, invested $4M through his money manager Nicholas Merrick. Roy Bailey, the CEO of Bailey Deason Capital Investments in Dallas, Texas, and the national co-finance chairman of Trump's 2020 re-election campaign invested $200K. George Glass, an Oregon real estate developer and Trump fundraiser who served as U.S. Ambassador to Portugal during the Trump administration, invested $500K. Another $100K was invested by Bob McNutt, the CEO of a mail-order fruitcake company in Corsicana, Texas.
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Truth Social Debuts in the Google Play Store
TECH CRUNCH - Truth Social, former President Trump's social network, cleared the necessary hurdles to get approval from Google. Though it's been available for the iPhone for months, Truth Social is now listed in Google Play Store for the first time.
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The Walls Are Closing in on Trump's TRUTH Social
TIME - The fate of Trump's TRUTH Social is hanging in the balance, as delays continue to plague a $1.3B merger that would potentially secure its future. The latest delay came as a key vote was postponed to November, and some investors have already backed out. TRUTH Social's biggest problem is Trump himself because his messages engage a more narrow audience than can sustain its business, according to politics and technology experts.
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