The more we learn about Donald Trump’s Twitter clone, TRUTH Social, the more it appears to be just another in a long line of scams by Trump whose only purpose is to fatten his wallet and fleece his half-witted flock. The Trump Media & Technology Group (TMTG), his social media venture, is heading down the same corrupt path as his phony university and his fraudulent charity.
Mother Jones is reporting on a recent filing with the Securities and Exchange Commission by Digital World Acquisition Corp (DWAC), the shady shell company that Trump is using to give his enterprise a presence on Wall Street. And, as revealed in the filing, the terms of the licensing agreement with Trump have all of the elements of the unscrupulous brand of business affairs that are the hallmarks of Trump’s malpractice. To begin with, the filling notes that…
“TMTG’s future success will depend, to a significant extent, upon the continued presence and popularity of President Trump. If President Trump were to discontinue his relationship with TMTG due to death, disability, or any other reason, or limit his involvement with TMTG due to becoming a candidate for political office, TMTG would be significantly disadvantaged.”
Relying on Trump’s popularity is a profoundly shaky foundation for success. The twice-impeached, former reality TV game show host lost the popular vote twice and never had an approval rating that approached 50%. A majority of Americans say he’s responsible for the violent January 6th insurrection. And even 49% of Republicans don’t want him to run in 2024.
What’s the more, the prospects of Trump discontinuing his relationship with his site for the reasons stated (“death, disability, or any other reason”) are almost inevitable. And in any case, Trump isn’t even obligated to post anything at all on the site. However, the filing notes that the site may be obligated to pay him for posting content. So he has wrangled another way to squeeze dough from his dimwit disciples. And the substance of the content he provides has no ethical boundaries. According the the filing…
“TMTG has entered into a license agreement with President Trump wherein neither the personal nor political conduct of President Trump, even if such conduct could negatively reflect on TMTG’s reputation or brand or be considered offensive, dishonest, illegal, immoral, or unethical, or otherwise harmful to TMTG’s brand or reputation, shall be considered a breach of the license agreement.”
That’s a necessary contractual provision with Trump, since he is notorious for “offensive, dishonest, illegal, [and] immoral” conduct. Even now 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. And the filing even mentions Trump’s prior business failures including…
“…the bankruptcies of Trump Taj Mahal, Trump Plaza, and Trump Castle, and the failures of Trump University, Trump Vodka, and Trump Steaks, among others. […] Digital World said in its filing: A number of companies that were associated with President Trump have filed for bankruptcy. There can be no assurances that TMTG will not also become bankrupt.”
There is considerable speculation on Wall Street that Trump’s social media sham won’t ever get off the ground. DWAC stock price is down about 65% from its recent high just a couple of months ago. And while Trump has said that he won’t go back on Twitter even if Elon Musk’s bid is successful (doubtful) and his account is reinstated, he lies too much for that – or anything else he says – to be taken seriously.
Meanwhile, Trump’s Twitter ban defying spokes-shill, Liz Harrington, has announced that “I will soon no longer be posting on Twitter. This is a terrible website that is beyond fixing.” She doesn’t say how soon “soon” is (and she is just as likely to be lying as Trump), but the reaction in the replies to her alleged farewell announcement are enthusiastically supportive and downright gleeful:
— PseudoTaxPro (@PseudoTaxPro) May 17, 2022
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