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.
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.
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.”
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:
Now for sale on Trump’s Truth Social. pic.twitter.com/7Mc9oGGBWw
— Ron Filipkowski (@RonFilipkowski) March 17, 2023
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…
- Trump is Said to Be Plotting His Return to Twitter, Affirming that Truth Social is a Flop
- Truth Social Traffic Flames Out Just as Trump is Trying to Fire Up His Next Losing Campaign
- Trump Threatened to ‘Blow Up the Company’ if Truth Social Execs Didn’t Give Their Shares to Melania
- Trump’s Truth Social Owes its Web Hosting Service Millions and Hasn’t Made a Payment in Months
- Trump’s TRUTH Social Twitter Ripoff Suffers Another Setback Due to His Criminal Corruption
- Trump Could Make TRUTH Social Pay Him for Content, Even If it’s Dishonest, Illegal, or Immoral
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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