Trump’s social media platform faces money troubles and modest following
ADD comment from RightForge
Signs are mounting that Donald Trump’s social media platform, Truth Social, is in financial trouble, with only a modest following six months after its launch.
Fox Business Network reported Thursday that the platform has halted payments to the company that hosts it, RightForge, and owes $1.6 million.
The platform’s parent company, Trump Media and Technology Group, did not respond to a request for comment.
A spokesperson for RightForge would not comment on reports that Trump Social is not paying its bills.
“RightForge was the ground floor of building Truth Social and will continue to support President Trump in his efforts,” the company said.
Meanwhile, the parent company’s merger with Digital World Acquisition Corp – a blank check company set up specifically to complete a merger – has yet to happen, 10 months after it was announced it would happen. This merger is supposed to bring new funding to the Trump platform.
DWAC on Thursday issued a call for a special meeting of shareholders on Sept. 6 where investors will be asked to approve a one-year deadline for completion of the merger, through Sept. 8, 2023.
Without a vote in favor of an extension, the blank check company said it would be forced to disband.
Financial data released Thursday indicates that at the end of June, DWAC had only $3,000 in cash.
Truth Social bills itself as Trump’s answer to platforms like Twitter, which the former president used as a political megaphone until he was kicked out after a mob he had encouraged attacked the US Capitol. in January 2021.
But six months later, it sits 30th in an Apple ranking of social media apps downloaded to iPhones.
The Statista database indicates that Truth Social is only downloaded about 50,000 times per week.
Trump’s Truth Social account has 3.91 million followers; on Twitter it had 79.5 million when it launched.
Shares of DWAC have fallen 71% since hitting their peak in early March.