Truth Social is strapped for cash and struggling to find new users

Former President Trump Holds Rally In Support Of Wisconsin Candidates
Photo by Scott Olson / Getty Images

Truth Social is strapped for cash and facing a mountain of tech and legal troubles that could doom the future of former president Donald Trump’s personal social media platform.

The most immediate problem is the platform’s stalled SPAC, initially planned as a way to publicly trade shares in the new company without the diligence of an IPO. But the SPAC has been delayed, leaving the Digital World Acquisition Corp., which was projected to take ownership of Truth Social, in an awkward position. SEC filings show that the company has lost over $6 million in the first half of this year, hasn’t generated any revenue, and holds only $293 million in a trust that houses most of its assets.

DWAC’s stock price has shed nearly 75 percent of its value...

Continue reading…



from The Verge - All Posts https://ift.tt/ZlW9pMO

Comments

Post a Comment

Popular posts from this blog

The Twitter board is reportedly not interested in Elon’s takeover offer

Image
Twitter’s board may have its work cut out for it. | Photo by Vjeran Pavic / The Verge Twitter’s board could be in for a fight with the company’s single largest shareholder. According to a report from The Information , it views Elon Musk’s offer to take over the company as unwelcome. This follows Musk’s offer to purchase the company for $43 billion earlier today. The company hasn’t publicly indicated how it’s planning on responding to Musk’s offer, but it’s reportedly planning to address it at an all-hands meeting at 5PM ET / 2PM PT today. Twitter’s board is also reportedly considering using a “poison pill” strategy to make it more difficult for Elon to acquire a large stake in the company and avoid a hostile takeover. Poison pills can, as one example , flood the market with shares once an investor acquires stock above a... Continue reading… from The Verge - All Posts https://ift.tt/9sVeQRp
Read more

Minneapolis hiring social media influencers for former police officers’ trials

Image
George Floyd died in police custody in May 2020 | Getty Minneapolis is hiring social media influencers to share “city-generated and approved messages” during the trials of four former city police officers charged in the May 2020 killing of George Floyd, according to the Minnesota Reformer . The Minneapolis city council approved the plan on Friday, which calls for six influencers to be paid about $2,000 each to spread the city’s messages with Black, Native American, Hmong, and Latino communities. The goal is to “address/dispel incorrect information” by using “trusted messengers,” part of a program the city refers to as its Joint Information System to share “timely and relevant information” with the public during the trials. “Through the Communications and Neighborhood and Community Relations... Continue reading… from The Verge - All Posts https://ift.tt/3q1AY3x
Read more