Social Media

Trump’s Truth Social Reports Massive Losses and Warns that it Could Go Out of Business

Posted by on November 14, 2023 at 12:27 pm. 3 Comments :

When Donald Trump announced the launch of Truth Social he boasted that it would be bigger and better than anything that had come before it, including Twitter (which some call “X”), the platform that had banned him for trying to incite a violent insurrection. To put it mildly, Truth Social has not lived up to the hype.

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Donald Trump Circling the Drain

The failure of Truth Social doesn’t come as a surprise to anyone who has tracked Trump’s record in business. He has left a trail of bankruptcies, closures, lawsuits, and fraud for decades. And true to form, his Trump Media & Technology Group (TMTG) has produced a website that is neither truthful nor social. In fact, it’s become something of a joke…

SEE THIS: The Biden Campaign is Now on Trump’s Truth Social For Your Entertainment Pleasure

The latest dire news about Truth Social comes from a Securities and Exchange Commission (SEC) filing by the company that reveals its financial frailty. The report paints a pitiful picture of the enterprise’s prospects going forward and reveals that it has lost $31.5 million since it opened for business just two years ago.

“Since launching, former President Donald Trump‘s Truth Social and its parent company Trump Media and Technology Group took in $3.7 million in net sales, and lost tens of millions of dollars.

“The numbers are the first time that any internal financial details on the social platform have been shared publicly, and they suggest that while Trump has made Truth Social his primary social media platform, it has not been translating into meaningful revenue for the tech startup, which is owned by Trump Media & Technology Group (TMTG). […]

“The financial situation of TMTG is such that ‘TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,’ according to the filing.”

The filing also notes that “management has substantial doubt that TMTG will have sufficient funds to meet its liabilities,” and that “it may be difficult to raise additional funds.” That’s largely due to the breakdown of TMTG’s plan to merge with Digital World Acquisition Corp (DWAC), a special purpose acquisition company that they hoped would lead to a listing on the stock exchange and a billion dollars in pledged investments. That deal has not only gone south – along with the pledged investments – but DWAC has been tangled up in legal probes alleging fraud and misconduct.

Furthermore, Trump’s latest financial disclosure form reveals that his 90% controlling stake in TMTG is now valued at between $5-$25 million. That’s a decline of more than 97% from the $875 million the venture was valued at when it was announced. And given the brief history of this boondoggle, he’s lucky to have that. It was a scam from the start, and Trump knew it. He even removed himself and Don Jr from the board of TMTG just weeks before subpoenas were served.

Meanwhile, here’s a few recent stories about Trump’s misadventures in social media…

Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding
The funding partner for TMTG said that it will return the remaining $533 million of the $1 billion raised to finance the venture after investors canceled $467 million of commitments.

Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam
Trump’s associates in his truthless, anti-social media venture were arrested and charged with insider trading. Reports indicate that “the three individuals together made more than $22 million in illegal profits.”

Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out
Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive.

Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure
As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be.

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

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The Biden Campaign is Now on Trump’s Truth Social For Your Entertainment Pleasure

Posted by on October 16, 2023 at 1:27 pm. 0 Comments :

President Biden has been extraordinarily busy in the past couple of weeks. He has been struggling to do the people’s business while the utterly inept Republicans in Congress have crippled the legislative branch with their failure to complete the most common tasks, such as electing electing a Speaker or proposing a platform.

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Donald Trump, Joe Biden

Furthermore, the attack on Israel by the Hamas terrorists has understandably consumed a significant portion of Biden’s time. That’s in addition to the administration’s efforts on behalf of Ukraine, the delicate relations with China, the diplomacy with our international allies, and the many domestic matters that crowd the White House calendar.

Meanwhile, Republicans continue to fritter away their days with purely political posturing and pettiness. Their legislative agenda consists of little more than sham investigations of Hunter Biden and phony “weaponization of government” hearings, that are the true perpetrators of government weaponization. And amidst all of that, their Dear Leader, Donald Trump, remains devoted to doing nothing but posting inanities on his Truth Social scam that is getting closer to bankruptcy every day.

SEE THIS: Trump’s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding

Since the GOP cult is so fixated on Trump and his mindless musings online, the Biden campaign has decided that if you can’t tweet them, why not troll the heck out of them on their own turf. Consequently, they have created an account on Truth Social where they can post some actual truths for the MAGA disciples to ignore and/or freak out about. Here are the first few posts by the Biden campaign that are getting in Trump’s face on his own website…

By contrast, at the same time Trump was posting his dismay at being told by a judge that he cannot continue to intimidate court officials and witnesses. He raged that “A TERRIBLE THING HAPPENED TO DEMOCRACY TODAY – GAG ORDER!” Actually, it’s precisely the same treatment that any other belligerent defendant would get. But in Trump’s perverse perspective it warrants the following bizarre run-on sentence that exhibits just how mentally disturbed he is…

“A Leaking, Crooked and Deranged Prosecutor, Jack Smith, who has a terrible record of failure, is asking a highly partisan Obama appointed Judge, Tanya Chutkan, who should recuse herself based on the horrible things she has said, to silence me, through the use of a powerful GAG ORDER, making it impossible for me to criticize those who are doing the silencing, namely Crooked Joe Biden, and his corrupt and weaponized DOJ & FBI.”

Biden campaign officials told Fox News that “There’s very little ‘truth’ happening on Truth Social, but at least now it’ll be a little fun.” And a statement by Trump campaign spokesperson Steven Cheung, said that, “Crooked Joe Biden and his team are finally acknowledging that Truth Social is hot as a pistol and the only place where real news happens.”

Not exactly. What Biden and his team are acknowledging is that there is a rich mine of troll worthy malarkey on Truth Social and they aim to take full advantage of it. At least until they get banned. It’s not unlike the recent video of Marjorie Taylor Greene itemizing what she considered to be criticisms of Biden’s agenda, but which the Biden campaign reposted verbatim with pride for the broadly popular accomplishments they achieved in their first two years.

UPDATE: Biden Campaign Surpasses Trump Campaign In Followers On Truth Social In Two Days

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Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam

Posted by on June 30, 2023 at 11:59 am. 7 Comments :

The criminal tendencies of Donald Trump and his felonious fellowship continues to be exposed by law enforcement authorities who have still only scratched the surface of his nefarious and rampant wrongdoing. He has demonstrated for decades his conviction that he is above the law and entitled to violate it whenever it suits him.

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Trump is currently awaiting trial on more than 60 felony counts resulting from his criminal activities. The charges pending against him range from falsifying business records, to unlawful possession of classified documents, to obstruction of justice, and much, much more. This is the behavior of a mob boss bent on building an organized crime operation, even if he isn’t particularly good at it.

RELATED: Scared and Desperate Trump Begs Congress to Save Him From the Meanies Prosecuting His Crimes

On Thursday it was reported that Trump’s associates in his truthless, anti-social media venture, “Truth Social,” were arrested and charged with insider trading. According to CNN…

“Federal prosecutors arrested three investors on Thursday on insider trading charges related to a deal to take former President Donald Trump’s media business public.

According to the indictment, the three individuals together made more than $22 million in illegal profits in October 2021 by purchasing shares in Digital World Acquisition Corporation (DWAC) after secretly learning about the blank-check firm’s plan to buy Truth Social owner Trump Media & Technology Group (TMTG).”

Shortly after Trump’s Truth Social was announced, it was tied to the special purpose acquisition company (SPAC), DWAC. The law prohibits SPACs from discussing potential acquisition targets prior to their formation. But obviously the word about the Trump connection got out. The stock immediately ran up to $175.00, which is where the indicted investors bailed out with huge gains. The stock now sits at about $12.00.

There are reasons that the stock has cratered. The whole enterprise is a sham that is failing pitifully. It cannot grow its user base or attract advertising. Meanwhile, the reputation for illegal activity on Trump’s part has been evident in the affairs of his Truth Social disease. What follows are a just a few of the licentious legal landmarks for the illicit enterprise:

Trump Files Ludicrous Lawsuit Against the Washington Post for Defaming His Truth Social Scam
Trump has no basis for this suit. For one thing, he is constantly claiming that his Pravda Social is a massive success, greatly eclipsing Twitter. Also, it’s hard to defame a business that began as a fraud and went downhill from there.

Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out
Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive.

Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure
As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be.

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch
Advertisers are afraid of their ads being juxtaposed with hate speech and other noxious content. Consequently, the only advertisers who are willing to shell out are sketchy scammers, conspiracy theorists, and junk peddlers.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
In addition to the Grand Jury proceedings, the SEC is investigating whether TMTG and DWAC executives improperly coordinated with each other and engaged in insider trading. They have also partnered with a Chinese firm with a dubious legal past.

As a bonus, it turns out that Trump bailed on his crooked company just weeks before subpoenas were served. He removed himself and Don Jr from the board of TMTG and is no longer named as the company’s chairman. But if he thinks that will enable him to escape legal liability, he’s going to be sorely disappointed.

UPDATE July 7: DWAC and the SEC have reportedly reached an agreement regarding the company’s merger deal with TMTG. According to CNN, “If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated ‘antifraud provisions’ connected to initial public offering filings. [and] If DWAC amends its IPO filings, it will have to pay the SEC an $18 million civil penalty after the closing of any merger deal.”

UPDATE August 4: DWAC’s auditor has resigned, signaling deeper problems with the SPAC’s finances. They now need to find another auditor before they can complete their deal with Trump Media, which increasingly looks like it may never go through at all.

UPDATE August 10: DWAC has again extended their deadline to complete the merger with Trump’s TMTG. The new so-called deadline is December 31, more than two years later than the original completion date.

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Tucker Carlson Paints Trump as a Messianic Victim of False Apostles in His 3rd Twitter Tirade

Posted by on June 14, 2023 at 12:05 pm. 5 Comments :

The continuing saga of Tucker Carlson is unfolding in his third installment of “Tucker on Twitter,” the social media replacement for his canceled White Supremacist Hour on Fox News. The Twitter show thus far has consisted of poorly produced, ten minute disgorgements of Carlson’s inbred hate and conservative crackpottery. The new episode is more of the same.

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Fox News, Tucker Carlson, Donald Trump

Carlson’s new chapter may be even cheesier than the previous ones. He rambled for 13 interminably tedious minutes about his theory that the reason people hate Trump is because he was a peacenik who took on the war mongers of Washington. Carlson based this blather on a few seconds of Trump criticizing the war in Iraq during a 2015 Republican primary debate. And for this Carlson is risking millions of dollars in defiance of a Fox News demand to “cease and desist.

SEE THIS: Fox News Sends Tucker Carlson a Letter to Cease and Desist From His Twitter Rant-Cast

According to Carlson, Trump’s alleged antiwar stance launched eight years of unyielding animus toward Trump. Carlson is oblivious to the fact that millions of people have actually long despised Trump for his bigotry, dishonesty, and policies that hurt middle and low income Americans, and enriched corporations and the wealthy. Most people probably have no recollection of the sound bite that Carlson plucked from nearly a decade ago.

Carlson doesn’t explain why there was no such contempt for everyone else who held antiwar views way before Trump. Democrats and progressives opposed the war in Iraq and castigated the Bush administration’s false allegations of “weapons of mass destruction” long before Trump adopted it merely as a cudgel with which to bash his primary opponent, Jeb Bush.

Somehow, Carlson spins this nonsense into an incoherent defense of Trump, who he says must now be forgiven for the completely unrelated crimes of having stolen hundreds of sensitive national security documents, stashed them in bathrooms and ballrooms around his Mar-a-Lago home/hotel, defied subpoenas, obstructed justice, and lied to the FBI and other law enforcement authorities.

REALTED: Trump and His MAGA Minions in Media and Congress Go BONKERS Over His Criminal Indictments

After his perversely twisted introduction, Carlson got into what really irked him: people who he believes were deceptive and insincere Trump supporters (video here, if you can stomach it)…

“They ran toward Trump, not away from him. They sucked up to him to him. They ingratiated themselves to the man they intuitively understood was susceptible to flattery. Which Trump is. And they did this in order to subvert his new administration from the inside. There were a number of these, and you could spot them immediately.”

It’s impossible not to notice that Carlson is describing virtually everyone in the Republican caucuses in Congress and on Fox News and other right-wing media. And, of course, himself. What’s more, Carlson is conceding that Trump is “susceptible to flattery,” which makes him an easy mark for political shenanigans. A puppet for other GOP operatives to control. Even worse, it makes him a national security risk, because it isn’t just all of these domestic suck ups that were able to manipulate Trump, but every foreign leader, friend and foe. Carlson continued…

“They were flatterers. Invariably the ones who flattered Trump the most, hated him the most and disagreed the most strongly with his views. You saw them in the hallways of the White House and at press conferences. They were there slobbering over their boss with elaborate self-abasement as if they were addressing a monarch or a god. It was a scene from the Ottoman Court. And it was filthy and decadent, and it was false. Mike Pence, Nikki Haley, Mike Pompeo, Lindsey Graham in the Congress. They all called Trump a visionary genius up until the moment he lost power.”

Well said, Tuckems. Except that you left out a particularly notorious and unscrupulous Trump-fluffer – Tucker Carlson. After all, you frequently “slobbered” over Trump publicly but, as we learned in the Dominion Voting Systems defamation lawsuit, you privately said that you “hated him passionately” and called him a “demonic force.” Carlson, however, correctly characterizes Trump as the leader of a “filthy and decadent” cult that worships him.

SEE THIS: In Dominion v Fox News, Network Cries ‘We Can’t Make People Think We’ve Turned Against Trump’

Carlson’s Twitter show is proving to be as nauseating and deceitful as his Fox News show. At least it is much shorter in duration, minus his noxious guests, and confined to his Twitter account, where it is being mostly ignored. Don’t be fooled by his boasting about the “views” it racks up. Those numbers are grossly misunderstood. Views on Twitter are not comparable to viewers on television, as explained by Aidan McLaughlin, the Editor in Chief of Mediaite…

“According to Twitter, if you watch a video for two seconds, with only half the video player in-view, you count as one video view. The tweet view metric is even less valuable. It merely counts how many people viewed the tweet, so if you scrolled past Carlson’s video on Twitter, you counted as one of the 114 million. […] If you scrolled past the tweet multiple times, you counted more than once.”

The good news is that, like Glenn Beck, Bill O’Reilly, and Megyn Kelly before him, post-Fox Carlson is sinking into oblivion. Right where he belongs.

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Trump Files Ludicrous Lawsuit Against the Washington Post for Defaming His Truth Social Scam

Posted by on May 22, 2023 at 12:53 pm. 3 Comments :

The only business activity that Donald Trump has ever demonstrated any commitment to is baseless and bitter litigation against other enterprises that he is unable to compete with honestly, or simply refuses to deal with fairly. His lawsuits are not much more than personal attacks on anyone he can’t bully into submission.

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Donald Trump

Among the targets of Trump’s pathological litigiousness are media outlets that he believes have blasphemed him or failed to appreciate his divine infallibility. More often than not, his efforts have led to legal humiliation as the cases are dismissed or dropped or lost outright. Which is the likely outcome of his latest loopy lawsuit.

The Trump Media and Technology Group (TMTG), the parent company of his floundering Twitter ripoff, Truth Social, has just announced that it is suing the Washington Post for $3.7 billion dollars for defamation, a figure far in excess of what Trump’s anti-social media firm is actually worth.

Trump has no basis for this suit. For one thing, he is constantly claiming that his Pravda Social is a massive success, greatly eclipsing Twitter. Also, it’s hard to defame a business that began as a fraud and went downhill from there. Nevertheless, according to reports…

“The lawsuit, filed by Trump Media & Technology Group Corp (TMTG) in Florida’s Sarasota County, claims that a 13 May article that alleged the company may have committed securities fraud was false and defamatory, and posed an ‘existential threat.’

“The article titled ‘Trust linked to porn-friendly bank could gain a stake in Trump’s Truth Social’ alleged that the company had concealed key details about a proposed merger from the Securities and Exchange Commission and shareholders, citing internal documents provided by a whistleblower.”

Right off the bat, Trump’s lawsuit is invalid. He cannot claim defamation if the Post reported that TMTG, which is being investigated by the Securities and Exchange Commission (SEC), “may have committed securities fraud.” That’s an accurate presentation of facts. Furthermore, the Post is merely reporting what is happening as sourced to a whistleblower from within TMTG.

Among other things, the SEC is probing TMTG and Digital World Acquisition Corp (DWAC), the shell company that TMTG is using to get a place on the stock exchange, for possible insider trading and stock fraud. Trump’s operation is also the subject of a Grand Jury investigation in New York. What’s more, it was recently revealed that Truth Social may have violated money laundering statutes in connection with the acceptance of $8 million in Russian funds connected to Vladimir Putin.

The litany of lawsuits by Trump & Co. have not only named the Washington Post, but also the New York Times, CNN, and others. He has even sued the board of the Pulitzer Prize committee to demand that they revoke awards given to the Post and the Times for their accurate reporting on his unsavory associations with Russia and Putin’s assistance during his presidential campaigns. For a primer on Trump’s legal maneuvers, see the following…

Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding
The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.”

Trump Sues the Pulitzer Prize Board for Honoring Accurate Stories of His Russian Collusion
The Pulitzer Board had an independent review conducted after receiving a demand from Trump to rescind the awards. That review found that “no passages or headlines, contentions or assertions in any of the winning submissions were discredited by facts that emerged subsequent to the conferral of the prizes.”

After Goofy Lawsuit Against CNN, Trump Threatens More Suits, Including the January 6th Committee
The crux of Trump’s complaint is that CNN’s use of labels describing him as a “racist,” “Russian lackey,” “insurrectionist,” and comparable to Hitler are defamatory. Apparently his lawyers have not advised him that the truth is a solid defense against allegations of defamation.

Trump Attorney Announces Laughable Lawsuit Against CNN for Accurately Calling Trump a Liar
Lindsey Halligan, one of a string of Trump’s incompetent attorneys, appeared this week on recently convicted Steve Bannon’s ‘War Room’ podcast to announce a threat to sue CNN. The complaint is typically preposterous and offers more opportunity for comedy than for anything of any legal importance.

LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury
Digital World Acquisition Corp., revealed in a securities filing Monday that it became aware on June 16 that each member of its board of directors received subpoenas from a federal grand jury in New York.

Trump’s Lawsuit Against His Niece Mary and the NY Times is a Confession that She’s Telling the Truth
Trump announced his latest legal misadventure wherein he is suing his niece, Mary Trump, and the New York Times for, as stated in the filing, “tortiously breaching and/or interfering with his contractual rights and otherwise maliciously conspiring against him.” Because paranoid delusions are another of his known psychoses.

So this latest lawsuit stunt is just another in the series of Trump’s ridiculous and malicious legal misadventures. There is no plausible path for success in these suits. But since Trump is spending the money that he has conned from his cult followers, what does he care about it? He’ll just whine that courts are all rigged after he loses again.

UPDATE: Trump elaborates on his whining with a another post saying “So Dominion gets almost a Billion Dollars and I, after years of Fake News, Hoaxes, Scams, and Investigations, am entitled to NOTHING? Is that really the way it’s supposed to work? I don’t think so!”

Actually, that is precisely the way it works. Dominion proved their case in court. Trump has failed repeatedly, because he has no evidence and no case.

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Trump’s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out

Posted by on April 22, 2023 at 11:56 am. 1 Comments :

The single most unifying characteristic of the cult of Donald Trump – aside from the brazen and shameless lying – is their pathetic penchant for victimhood. For people who relentlessly brag about personal responsibility and inner strength, they sure cry a lot about how persecuted they are by everyone who is out to get them.

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Among the worst dispensers of this dreary disposition is former GOP representative – and current CEO of Trump’s Truth Social – Devin Nunes. Ever since he resigned from Congress to head up Trump’s pitifully failing social media scam, Nunes has done little but complain that the platform that he and Trump launched to avoid what they falsely perceived as censorship has been suppressed by the forces of the “Deep State,” radical liberals, and George Soros.

RELATED: Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure

On Friday Nunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive. Nunes complained bitterly about…

“A major scandal that’s brewing at the SEC. Their willingness to play politics and discriminate against people who, like our little company, our startup company, you know, we want to go public. We want to merge with a company. The shareholders that bought into that company are being wiped out.

Awww. Poor thing. He’s been forced to admit that Truth Social is a total bust. The “scandal brewing” at the Securities and Exchange Commission (SEC) that Nunes is whining about is actually an investigation into allegations of insider trading and stock fraud. It involves Digital World Acquisition Corporation (DWAC), the shell company that the Trump Media and Technology Group (TMTG) was expected to merge with in order to land a spot on the stock market.

However, that plan has not gone particularly well. DWAC has declined in value by 80% from its high mark last October. Trump and Nunes cannot access the millions of dollars of investments pledged unless and until the merge is completed. Which doesn’t look very likely at this point. And since the only purpose of this sham venture was to either exact vengeance on Trump’s enemies, or enrich him personally, he appears to have failed on both counts.

In addition to the SEC probe, Trump’s operation is the subject of a Grand Jury in New York, for which all of DWAC’s board members have been subpoenaed. What’s more, it was recently revealed that Truth Social may have violated money laundering statutes in connection with the acceptance of $8 million in Russian funds connected to Vladimir Putin.

SEE THIS: Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding

Meanwhile, Trump himself bailed on his crooked company. Just weeks before the Grand Jury subpoenas were served, Trump removed himself and Don Jr from the board of TMTG. While that doesn’t actually shield him from liability, it is further evidence that his business is a scam that never had any credible prospects for success. Which the hiring of Nunes, who had no experience whatsoever in media or technology, should have told everyone from the start.

UPDATE: DWAC and the SEC have reportedly reached an agreement regarding the company’s merger deal with TMTG. According to CNN, “If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated ‘antifraud provisions’ connected to initial public offering filings. [and] If DWAC amends its IPO filings, it will have to pay the SEC an $18 million civil penalty after the closing of any merger deal.”

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Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure

Posted by on April 15, 2023 at 10:55 am. 2 Comments :

Two days after the January 6th insurrection that Donald Trump incited, Twitter permanently suspended his account “due to the risk of further incitement of violence.” Elon Musk later reinstated Trump, but he has not posted on Twitter since the suspension was lifted.

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Donald Trump Pacifier Fox

In the meantime, Trump launched Truth Social, a pitiful Twitter clone where he could mouth off interminably and unconstrained by facts or decency. Not surprisingly, it has become just another failure in the Trump stable of ego-driven business ventures. That, however, didn’t stop him and his minions from pretending that it was not only a success, but an Earth shattering advance in the evolution of the human race.

RELATED: Devin Nunes Exalts the Failing Truth Social as ‘The Most Important Creation in Trump’s Career’

In reality, Truth Social has been a fiasco on every level. It has lost money, failed to attract users, betrayed its promise of free speech, stiffed its vendors, and is mired in multiple legal quagmires. Currently Truth Social’s corporate holding company, Trump Media and Technology Group (TMTG), and Digital World Acquisition Corp (DWAC), the shell company created to take TMTG public, are being criminally investigated by a federal Grand Jury and the Securities and Exchange Commission. And DWAC’s stock has declined a whopping 87% in a little over a year.

RELATED: Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding

On Friday Trump finally filed his financial disclosure report to the Federal Election Commission – a month late after three extensions – and it contained some interesting details. Among them, Truth Social is valued at between $5 million and $25 million. Which is curious considering that DWAC has allegedly raised pledges of more than a billion dollars. However, none of that funding will go through if the deal to merge DWAC and TMTG fails to materialize, which looks doubtful.

As for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That’s hardly representative of the huge success that Trump has claimed Truth Social to be. To the contrary, it’s evidence that the platform is an abysmal failure, despite Trump’s utterly dishonest cheerleading.

SEE THIS: Trump Posts Hysterical Lie that ‘Everyone is Watching’ His Failing Twitter Ripoff, Truth Social

The rest of Trump’s financial disclosure wasn’t much better. It revealed that his income was mostly generated from grifting operations such as his digital trading card NFTs, that earned him between $100,000 to $1 million. He also claimed to have more than $5 million in income from speaking engagements. And he reported royalties of between $100,000 and $1 million for his old book, “The Art of the Deal.” Although he also reported that most of his other books drew royalties of less than $200.

Perhaps most troubling is that he claimed to have received $5 million in royalties from a Saudi real estate company to build a Trump hotel, villa and golf course in Oman. Note that he is not the builder. These are just royalties for the use of his name, for a project that may never get off the ground. So what are the Saudis really paying him for?

What this financial statement reveals is something that longtime Trump watchers already know: He is a conman and a grifter and a failure who has never been the business genius he pretends to be. It also proves that he is nowhere close to being a billionaire, as he claims. But not to worry. His most ardent cult disciples will continue to believe that he’s the second coming of the messiah. Because that’s what cult disciples do. The rest of the nation – and the world – will see him for the fraud is, and has always been.

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Fox News Wonders What Horror Biden Is Up To By Communicating With Young People On Social Media

Posted by on April 12, 2023 at 3:38 pm. NO Comments :

The Biden administration is reported to be considering expanding its outreach to younger Americans by holding briefings for popular social media personalities, known as “influencers.” These briefings would be separate from those held in the White House Briefing Room for conventional media.

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Fox News, Joe Biden

Naturally, any new idea floated by President Biden or the Democratic Party is immediately pounced on by Fox News as something nefarious with an ulterior motive that Fox portrays as sinister. In this case, Fox News is very concerned that Biden is trying to communicate effectively with young people, Something that Fox News is particularly bad at.

RELATED: Fox News Says Biden is ‘Compromised’ Because He Revoked Trump’s Non-Existent Ban on TikTok

To counter this malicious method of messaging, Fox News anchor Martha MacCallum invited the Republican governor if Iowa, Kim Reynolds, to discuss the rumors. MacCallum is regarded by Fox to be one of their alleged “news” reporters. That has never been true, and she demonstrates why in this exchange with the Governor…

MacCallum: I think a lot of viewers, a lot of people, a lot of adults, don’t really understand the influence of TicTok. These folks on TikTok have huge followings. They tell people what they should eat, what they should buy, what they should wear, and more powerfully I think in the midterms, who they should vote for and what issues should be important to them regardless of any fact check going on what they’re saying. So how seriously do you take this is if the Biden team decides to really implement, use these people in 2024?
Reynolds: I think the hypocrisy that continues out of the Biden administration, and with Democrats across this country, is just ridiculous.

Let’s set aside Reynolds’ response that totally avoids the question in order to fling the word “hypocrisy” around without any relationship to the subject. MacCallum’s concerns about social media “influencers” sound awfully familiar. Can you think of any other media enterprise that tells people how they should eat, dress, and vote?

If you said “Fox News,” congratulations. You’re not brain dead. Fox News also has a huge following (although mostly seniors), and regularly complains about what they call “woke” companies that you should refrain from patronizing. For instance, you must not eat M&Ms, or drink Bud Light, or wear Nikes, or visit Disneyland. And they spend 90% of their airtime advising their glassy-eyed audience to vote only for certified conservative Republicans.

Fox also tells their viewers what issues are important, or by omission, which are not. Recently Fox News buried the story of the Texas judge who ruled against the FDA approval of the abortion pill. From April 7 through 10, Fox provided all of 27 minutes to the story, while MSNBC and CNN each had seven hours of reporting. Likewise, Fox News minimally reported on Supreme Court Justice Clarence Thomas accepting hundreds of thousands of dollars worth of undisclosed gifts from a right-wing billionaire.

RELATED: Fox News Blacks Out Story of Clarence Thomas Secretly Taking Luxury Gifts From GOP Billionaire

The reports that the Biden White House is planning on having dedicated briefings for social media influencers are greatly exaggerated. White House Press Secretary, Karine Jean-Pierre declined to confirm any such plans. But she did note that, informally, it’s “something that we do all the time, from the President on down, is talk to influencers and try to meet the American people where they are to reach them in a different way.” As examples, there were such briefings last year on the war in Ukraine, and on the Inflation Reduction Act.

There are good reasons to implement an outreach program that caters to social media. Studies show that “Nearly 40% of Gen Z prefers TikTok and Instagram over Google Search, according to Google’s own internal data.” And it makes sense to try to reach citizens where they actually are. And for younger citizens who are wary of mainstream media, that’s on platforms like TikTok. But, not surprisingly, that’s too difficult a concept for the fogies on Fox to grasp. So they condemn it. Even though Donald Trump has his own pitifully failing social media platform.

SEE THIS: Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding

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Trump’s ‘Truth Social’ Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding

Posted by on March 17, 2023 at 11:59 am. 1 Comments :

Truth Social, the website that Donald Trump launched after Twitter suspended him “due to the risk of further incitement of violence,” has had a rocky existence from its inception. It’s first days were marked by technical failures and user frustration. And it was all downhill from there.

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This week it was revealed that Truth Social may have been the beneficiary of millions of dollars of investments from Russian sources who are connected to Vladimir Putin. The Guardian reports that…

“Federal prosecutors in New York involved in the criminal investigation into Donald Trump’s social media company last year started examining whether it violated money laundering statutes in connection with the acceptance of $8m with suspected Russian ties, according to sources familiar with the matter.” […]

“The expanded nature of the criminal investigation, which has not been previously reported, threatens to delay the completion of the merger between Trump Media and DWAC, which would provide the company and Truth Social with up to $1.3bn in capital, in addition to a stock market listing.”

The report notes that the sources of the funding include the off-shore Paxum Bank, based in the Caribbean island nation, Dominica. It is notorious for “providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.” These revelations compound both the financial and legal ordeals of Truth Social. It is already being investigated for various alleged corrupt activities.

RELATED: LOCK HIM UP: Trump’s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury

What’s more, the shell company that Trump planned to use to get Truth Social’s parent corporation, Trump Media and Technology Group (TMTG), on the stock market is itself being threatened with being delisted. Digital World Acquisition Corp (DWAC) recently received a notice from NASDAQ warning them of the pending action. It’s stock price has declined nearly 90%.

In advance of that, Trump, hoping to avoid personal liability, removed himself and Don Jr from the board of TMTG. However, if the DWAC deal doesn’t go through, Trump won’t be able to pocket the billions of dollars that have been raised by his criminal cronies.

Trump’s interest in Truth Social has always been focused more on enriching himself and getting retribution for having been banished from Twitter. It was a scam that never had any credible prospects for success. That was evident in Trump’s hiring of former congressman Devin Nunes to run the venture. Nunes had no experience whatsoever in media or technology, and it shows. But he was and is a devoted Trump-fluffer.

Truth Social’s business model is based on advertising. However, it has utterly failed to build a viable stream of ad revenue. According to an exhaustive study by the New York Times, the platform has only been able to attract interest from “hucksters and fringe marketers.” “Ads from major brands are nonexistent on the site,” the Times found, and that instead “the ads on Truth Social are for alternative medicine, diet pills, gun accessories and Trump-themed trinkets.”

SEE THIS: Truth Social Disease: Ads on Trump’s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch

As an example of the bogus product pitches on Truth Social is an ad for a blatantly racist, and thoroughly worthless, Trump keepsake: A Trump-branded White Privilege Card:

UPDATE: In the midst of all this turmoil, DWAC has just fired their CEO, Patrick Orlando.

And that about sums up the decrepit state of affairs at Truth Social. For more on what is perhaps the biggest flop on Trump’s long resume of failures, see these related stories…

UPDATE: DWAC and the SEC have reportedly reached an agreement regarding the company’s merger deal with TMTG. According to CNN, “If it’s approved, the SEC will enter a cease-and-desist order with the company, finding DWAC violated ‘antifraud provisions’ connected to initial public offering filings. [and] If DWAC amends its IPO filings, it will have to pay the SEC an $18 million civil penalty after the closing of any merger deal.”

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Herr Trump Embraces Fascist GOP Threats to Regulate Twitter and Arrest Their Executives

Posted by on February 9, 2023 at 1:08 pm. 6 Comments :

During his brief but abominable occupation of the White House, Donald Trump distinguished himself from his predecessors by relentlessly expressing his aversion to the free press and the Constitution. He repeatedly referred to the media as “the enemy of the people,” and more recently literally called for termination of the Constitution.

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Donald Trump, QAnon, Dictator

On Wednesday the newly GOP-led House Oversight Committee held a hearing to finally get to the bottom of the Scandal of the Century, Hunter Biden’s stolen laptop. Specifically the Committee sought to prove that the pre-Elon Musk Twitter regime had deliberately skewed their policies to adversely affect conservatives and Republicans and, especially Donald Trump.

The Republicans staged a shamelessly shallow exercise in feigned outrage over imaginary offenses that was triggered by the embarrassingly ineffective attempt by Musk’s “Twitter Files” “exposé” to unveil political bias on the part of Twitter’s previous staff.

RELATED: OH-MY: Trump Unleashes Vile Threats in Tantrum Over Elon Musk’s ‘Twitter Files’ Farce

Notable during the avalanche of asininity on the part of Republican members of the Committee, were the remarks by Clay Higgins of Louisiana. When it was his turn to question the Twitter executives who were summoned before the Committee to testify, Higgins launched into an unhinged flurry of baseless accusations and culminating in outright threats:

“You, ladies and gentlemen interfered with the United States of America 2020 presidential election, knowingly and willingly. That’s the bad news. It’s gonna get worse because this is the investigation part. Later comes the arrests part. Your attorneys are familiar with that.”
Marjorie Taylor Greene said the same thing.

What we have here is a member of Congress threatening to have witnesses arrested for unspecified crimes for which he has no evidence ever occurred. What Higgins is asserting as criminal is the exercise of the constitutional rights of a private social media company to moderate the content on its website. It is wholly inappropriate intimidation by a government official seeking to coerce the behavior of individuals to comply with his political beliefs.

That sort of authoritarian bullying is generally reserved for tyrants and dictators, and those who seek to emulate them. And speaking of Donald Trump… He was thrilled to see how Higgins browbeat the Twitter execs. He posted a video of Higgins along with with his approval on his pitifully failing Twitter ripoff, Truth Social, saying that…

“Finally we have people with courage stepping forward! The Election was Rigged and Stolen, in so many ways – A mockery of our fully weaponized ‘Justice’ system.”

[For the record, the tweet that Trump was so appalled by that he wanted Twitter staff arrested was by supermodel Chrissy Teigen, who called Trump a “PAB” (look it up) for being too cowardly to tag her in his tweet that insulted her]

Of course, there was nothing in Higgins remarks – or in the entirety of the hearing – that even hinted at any evidence that the “Election was Rigged and Stolen.” To the contrary, Democrats on the Committee conclusively proved that the only bias by Twitter was in favor of Trump and the GOP. Even worse, in questioning by Rep. Gerry Connolly (D-VA) it was affirmed that only the Trump White House ever attempted to direct Twitter to censor content. And it did so with an overt threat that, “We’ll shut you down. We’ll regulate you. We Will never allow this to happen.”

That is an example of unambiguous government suppression of a free press and a violation of the First Amendment. Nevertheless, Rep. Jim Jordan tried to turn the tables by accusing the Biden campaign of censorship simply because they made a request for Twitter to review certain offensive tweets. Jordan’s argument, however, was ridiculous. He claimed that asking Twitter to review whether tweets were in compliance with their own terms of service was censorship.

Obviously, it’s not against the First Amendment to ask a company to review content based on the company’s own standards. What’s more, the Biden campaign not only didn’t accompany their requests with threats, they weren’t even in power at the time, so they had no clout with which to threaten. And yet this is the scenario in which Trump posted a comment urging his cult to “Watch the Twitter hearings going on right now in Washington. They admit that the Presidential Election of 2020 was RIGGED & STOLEN!”

Naturally Trump is lying. No such admission occurred in the hearing. But Trump’s flagrant dishonesty is precisely the sort of provocation that resulted in the riots in Washington on January 6th. And his continued presence on social media (both Twitter and Facebook recently reinstated his accounts) will predictably result in more violence.

RELATED: Why Elon Musk Restoring Trump’s Twitter Account is Ignorant, Dangerous, and Hypocritical

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