The track record for business ventures run by Donald Trump is abysmal in the extreme. He bankrupted four casinos. He was ordered to pay $25 million in restitution to victims of his Trump University con. His fraudulent “charity” was shuttered by authorities in New York. And his numerous self-branded projects – from airlines to games to steaks to vodka – all went bust in a hurry. Even his real estate properties are losers.
So is anyone really surprised that Trump’s latest boondoggle is sinking like a stone? The hysterically named “TRUTH Social” was announced months ago, but it’s official launch has been repeatedly delayed. Now its CEO, former Republican congressman and fake farmer Devin Nunes, says it is in the midst of a “soft” launch and will be fully open for business by the end of March.
Apparently that news didn’t thrill the investors who have dared to put their money where Trump’s mouth is. Two weeks ago DWAC, the stock that is serving as a holding vehicle for “TRUTH Social”, was sitting at $100.00 per share. Today it just hit $63.00. That’s a decline of 37% in just two weeks. It’s down even more from the high of $175.00 that it hit shortly after the launch announcement.
Most of the recent news about “TRUTH Social” has been bad. It has been unable to accommodate new users trying to sign up. There is a waiting list of a few hundred thousand who still can’t log in. Those who have gained access are not raving about what they’ve found. It’s a boring echo chamber of Trumpistas who do nothing but affirm each others fantasies. Trump doesn’t even use the site. He posted one comment three weeks ago and nothing since. Politico reports that…
“Trump and his immediate circle have shown little public interest in “TRUTH Social”. Trump’s inactivity has been a source of frustration among some allies pushing the app. Former first lady Melania Trump is on the app but also announced in February that she will be making another platform, Parler, her ‘social media home.’ There are no verified accounts on “TRUTH Social” for the former president’s adult children Donald Jr., Eric, Ivanka or Tiffany, although there are unverified accounts purporting to be them.”
There are also no verified accounts for Trump loyalists Steve Bannon, Rudy Giuliani, Glenn Beck, or Tucker Carlson. All of which begs the question: Why would anyone use “TRUTH Social” rather than Twitter, or one of the many existing conservative competitors (GAB, Parlar, Gettr, and the MyPillow guy’s FrankSpeech), that are also struggling to survive?
Perhaps Trump is depending on his “personality” to lift “TRUTH Social” above the pack. More likely he is relying on his old game plan of suing his competition, or trying to outlaw them, or if that doesn’t work, just politely ask everybody to ditch them. Yeah, that’s the ticket. Good luck with that, Donnie.
UPDATE April 21, 2022: DWAC is now down 67%, and it’s future viability is in doubt.
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