Donald Trump’s Truth Social Owes US $1.6 Million To Web Hosts
Truth Social, Donald Trump’s social media platform, appears to be in financial trouble, with only a modest following six months after its launch.
Six months later, Donald Trump’s social media platform Truth Social is ranked 30th in an Apple ranking of social media apps downloaded onto iPhones, but a new report claims Truth Social owes more than a million dollars for web hosting services, and the dispute is headed to court.
Since its inception, the tech firm has faced a slew of issues, ranging from slow adoption to an investigation by financial regulators.
Washington: There are growing indications that Donald Trump’s social media platform Truth Social is in financial trouble, with only a modest following six months after its launch. According to Fox Business Network, the platform has ceased payments to the company that hosts it, RightForge, and owes $1.6 million. Neither the platform’s parent company, Trump Media and Technology Group, nor RightForge responded to AFP inquiries.
According to the report, Martin Avila, the CEO of RightForge, refused to comment on “private matters” but did not deny there was a disagreement. In a statement, he said, “Our founding vision is to create a second internet to support American ideas online.”
Meanwhile, 10 months after the announcement, the parent company’s merger with Digital World Acquisition Corp (a blank check company formed specifically to carry out a merger) has yet to take place. This merger is supposed to bring in new funding for Trump’s platform. DWAC issued a call for a special shareholder meeting on September 6, at which investors will be asked to approve a one-year postponement of the merger until September 8, 2023. The blank check company has stated that if no extension is approved, it will be forced to dissolve.
According to financial data released on Thursday, DWAC had only $3,000 in cash on hand as of late June.
Truth Social bills itself as Trump’s answer to platforms like Twitter, which he used as a loud political bullhorn until he was ejected from it in January 2021 after a mob, he had egged on assaulted the US Capitol.
Six months later, however, it is ranked 30th in an Apple ranking of social media apps downloaded onto iPhones.
According to Statista, Truth Social is downloaded only about 50,000 times per week.
Trump’s Truth Social account has 3.91 million followers; when he was kicked off Twitter, he had 79.5 million.
DWAC shares have fallen 71 percent since their peak in early March.
Source:- Fox Business
