![\"Donald](\"https:\/\/www.newscorpse.com\/Pix\/Trump\/trump-drain.jpg\")
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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…<\/p>\n
SEE THIS: The Biden Campaign is Now on Trump\u2019s Truth Social For Your Entertainment Pleasure<\/a><\/strong><\/p>\n 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<\/a><\/strong> 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.<\/p>\n “Since launching, former President Donald Trump\u2018s 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.<\/p>\n “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). […]<\/p>\n “The financial situation of TMTG is such that ‘TMTG\u2019s independent registered public accounting firm has indicated that TMTG\u2019s financial condition raises substantial doubt as to its ability to continue as a going concern,’ according to the filing.”<\/p><\/blockquote>\n The filing also notes that “management has substantial doubt that TMTG will have sufficient funds to meet its liabilities,”<\/em> and that “it may be difficult to raise additional funds.”<\/em> 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.<\/p>\n 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.<\/p>\n Meanwhile, here’s a few recent stories about Trump’s misadventures in social media…<\/p>\n Trump\u2019s Truth Social Continues to Collapse as Its Biz Partner Loses Virtually All of its Funding<\/a><\/strong> Trump Crime Syndicate: Investors Arrested for Insider Trading in Failing Truth Social Scam<\/a><\/strong> Trump\u2019s Truth Social CEO Whines that Shareholders in His Alt-Twitter Scam Are Being Wiped Out<\/a><\/strong> Trump Made Less than $200 on Truth Social According to His FEC Financial Disclosure<\/a><\/strong> Trump\u2019s \u2018Truth Social\u2019 Faces Legal and Financial Turmoil Amid Disclosures of Russian Funding<\/a><\/strong> Truth Social Disease: Ads on Trump\u2019s Twitter Ripoff are Mostly Scams and Trump-Fluffing Merch<\/a><\/strong> LOCK HIM UP: Trump\u2019s TRUTH Social Scam is Being Criminally Investigated By a Federal Grand Jury<\/a><\/strong> Be sure to visit and follow News Corpse
\nThe 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.<\/p><\/blockquote>\n
\nTrump’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.”<\/em><\/p><\/blockquote>\n
\nNunes visited Newsmax to swing open his tear ducts with mournful moaning about the catastrophic business for which he is the chief executive.<\/p><\/blockquote>\n
\nAs for Trump, he was reported to own 90% of TMTG, which earned him less than $200 according to his financial disclosure. That\u2019s hardly representative of the huge success that Trump has claimed Truth Social to be.<\/p><\/blockquote>\n
\nThe 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 \u201cproviding banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.\u201d<\/p><\/blockquote>\n
\nAdvertisers 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.<\/p><\/blockquote>\n
\nIn 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.<\/p><\/blockquote>\n\n
\non Twitter<\/a> and Facebook<\/a> and Instagram<\/a> and Threads<\/a>.<\/strong>\n<\/p>\n