Donald Trump on Saturday dismissed reports of money and performance problems facing his Truth Social operation and the company that’s supposed to take it public.
“I’m really rich,” he posted on Truth Social. “I don’t need financing.”
Yet in the next sentence he asked: “Private company, anyone???” in what appeared to be an invitation to investors.
He also insisted that Truth Social, which is reportedly hemorrhaging U.S. views — from some 1.5 million a day to 300,000 — is “doing really well.” He insisted it has “truly become our MAGA VOICE,” yet is also a voice for the “Radical Left Lunatics.”
A major web-hosting operator claims Trump’s Truth Social owes some $1.6 million in contractually obligated payments, Fox Business reported last month.
RightForge announced last October that it would host Truth Social and operate its web system. But now it claims Truth Social made only three monthly payments for the work and is threatening legal action, according to Fox.
In another setback last month, Truth Social’s application for a trademark was turned down because the U.S. Patent and Trademark Office found that Trump’s company name was “confusingly similar” to other operations.
Then the Truth Social app was ditched by Google because of the operation’s failure to moderate its content, which is chock full of QAnon conspiracy theories.
At the same time, stocks of the special purpose acquisition company (SPAC) that’s supposed to take Truth Social public were plunging. That’s because it’s seeking a delay of at least a year for any merger with Truth Social’s owner, Trump Media & Technology Group (TMTG).
The SPAC — Digital World Acquisition Corp.— hasn’t exactly been crowing about a sunny future for Truth Social. It warned in a filing last month that a dip in Trump’s popularity could hurt the business.
“The value of TMTG’s brand may diminish if the popularity of President Trump were to suffer,” the filing noted.
“Adverse reactions to publicity relating to President Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base, as well as the outcome of the proposed Business combination,” it added.
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