Surely Fox Business can twist Truth Social's financial-black hole into a positi.... oh, never mind. In other news, Truth Social is just like Donald and stiffs its vendors. Trump's social media app facing financial fallout Truth Social’s finances may be in significant disarray, sources say https://www.foxbusiness.com/features/trump-social-media-app-facing-financial-fallout Former President Donald Trump’s social media outfit, Truth Social, is locked in a bitter battle with one of its vendors claiming that the platform is stiffing the company out of more than $1 million in contractually obligated payments, FOX Business has learned If the allegations are true, they would suggest that Truth Social’s finances are in significant disarray, people with direct knowledge of the matter say. Internet infrastructure company RightForge is said to be among Truth Social’s largest vendors and creditors, these people say. In October, RightForge announced it entered into an agreement to host Truth Social, which Trump helped create after he was banned by Twitter following the Jan. 6 riots. RightForge now contends that Truth Social has reneged on its contractually obligated monthly payments for setting up the platform’s web-servicing infrastructure, according to three people with direct knowledge of the matter. These people say RightForge contends that Truth Social has made just three payments and ceased making any payments since around March. RightForge claims that Truth Social owes it around $1.6 million and is threatening legal action to recoup the money, these people add. RightForge CEO Martin Avila declined to comment "on any private matters," but wouldn’t deny the disagreement between the two entities. He added in a statement: "Our founding vision is to make a second internet to support American ideas online. RightForge believes in the mission of President Trump’s free speech platform and wish to continue supporting the president in his media endeavors." A spokesman for Truth Social also would not deny the matter when contacted by FOX Business. A spokesman for Trump had no comment. Since its launch in February, Truth Social has been the main conduit for the former president to make public announcements and attack critics. While its reach pales in comparison to Twitter’s estimated 200-million-plus active daily users, interest in the platform has peaked recently in the aftermath of the FBI raid on Trump’s Mar-a-Lago residence. Truth Social is part of Trump Media and Technology Group, a holding company for the platform that, according to regulatory filings, has broader plans to expand into streaming and other services to promote Trump’s political brand. Trump is said to hold a controlling interest in Truth Social, though his monetary investment in it is said to be negligible to nonexistent, and he is not in control of its day-to-day operations. In January, former Republican California Rep. Devin Nunes was named the CEO of Trump Media with Trump described in regulatory filings as its chair. Nunes didn’t return an email for comment. But Truth Social’s launch has been anything but smooth. Its early rollout was plagued with technological glitches. More recently, its planned merger with Digital World Acquisition Corp., a special purpose acquisition company, or SPAC, has been put off indefinitely amid various probes into its business dealings, including a Justice Department grand jury probe and an investigation by the Securities and Exchange Commission. Digital World and Trump Media have said they are cooperating with the probes even if they appear to be a significant stumbling block in completing the merger. In a recent regulatory filing, Digital World said it is seeking shareholder approval to delay the Sept. 8 deadline for combining the companies until next year as the investigations swirl. In the same filing, Digital World said: "If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, [Trump Media’s] results of operations, as well as the outcome of the proposed Business combination, could be adversely affected." A representative for Digital World didn’t return an email and telephone call for comment. Shares of Digital World have declined more than 42% since the beginning of the year. Trump himself faces mounting legal woes including a Justice Department probe over his role in the Jan. 6 Capitol riot; a New York state civil probe into the finances of the Trump Organization, his real estate and branding business; and, most recently, a DOJ probe into whether he mishandled classified documents at his Mar-a-Lago estate that led to the recent FBI raid. Trump says the investigations are politically motivated as he prepares for a possible White House bid in 2024. While traffic to Truth Social has been spiking amid the controversies, it’s unclear if any of this is helping its bottom line. In a May regulatory filing, Digital World stated: "There is no operating history upon which to base any assumption as to the likelihood that [Trump Media] will prove successful and [Trump Media] may never generate any operating revenues or ever achieve profitable operations. If TMTG is unsuccessful in addressing these risks, its business will most likely fail." The filing added that Truth Social doesn’t yet generate revenues and "may begin to generate revenue from the Truth Social platform as early as 2023." People at RightForge believe that their business contretemps with Truth Social are rooted in the platform’s business problems, the three people tell FOX Business. RightForge bills itself as an internet company that caters to conservatives, an alternative to the progressive elite that dominates Silicon Valley. In an interview with Axios in October 2021 announcing his partnership with Truth Social, Avila said: "If you believe that the president should be de-platformed, we believe that you're not really interested in living in a free country. And that's really what we're all about is making sure that America stays true to its core ideas, and that the marketplace of ideas stays open." He added that RightForge was working toward creating an infrastructure so that Truth Social could compete with Twitter and have more than 75 million users. "We’re laying the groundwork for that," Avila told the publication. "That’s why there will be servers everywhere." It’s unclear if Trump Social is having issues with other vendors over payment for services, these people add. One person with knowledge of the matter said Trump Social informed RightForge that it stopped making the payments over "breach of contract." FOX Business couldn’t determine the alleged breach.
Trump's Truth Social has trademark application denied as setbacks pile up https://www.axios.com/2022/08/25/trump-truth-social-trademark-denied The U.S. Patent and Trademark Office (USPTO) refused Donald Trump's application for a trademark for "Truth Social," the name of his social media company earlier this month. A trademark lawyer in Washington surfaced the filing on Thursday. Why it matters: The trademark refusal is just the latest setback for the former president's social media app and its parent company, which have been beset by a raft of issues over the past few months. What's happening: The USPTO found two other companies who already use the Truth Social wording, which would create what's known as "likelihood of confusion" if Trump also got the mark. Typically, when a company files for a trademark — the distinct brand-name it wishes to use exclusively — lawyers vet the term to make sure there's no conflicts. "Ideally, you would pick a name where this wasn't going to happen," said Josh Gerben, a trademark lawyer in Washington, D.C., who tweeted the PTO filing. But sometimes if a client really wants a name, the company will forge ahead, despite what the lawyers say. This doesn't spell the end for the trademark. Trump can appeal, which trademark lawyers believe is likely. Initial refusals aren't uncommon and there are a couple moves the company can make to clear this hurdle. Axios reached out to Truth Social for comment and has not yet heard back. The big picture: Truth Social and the SPAC looking to take its parent company public have faced enormous legal and technical challenges ever since the app was announced last October. Last week, Digital World Acquisition Group (DWAC), the blank check company that plans to merge with the parent company Truth Social to take it public, looked to delay its earnings report The week before it asked shareholders to approve an extension of its merger agreement by a year. The Truth Social app missed its launch deadline, putting thousands of users on a waitlist for weeks. The SPAC is under investigation by the SEC for possibly negotiating their deal prior to DWAC going public, which is illegal if true. An investor sued the SPAC's CEO last year claiming fraud. There's been confusion regarding whether or not certain members of the board are still on the board.
Is it time to start a pool on how many days until Truth Social files for bankruptcy? Fears grow Trump's Truth Social is headed for bankruptcy as bills pile up: report https://www.rawstory.com/trump-truth-social-2657953237/
Similar to Rumble, Truth Social is nothing more than a gutter for QAnon MAGA extremists and conspiracy theorists. QAnon-Focused Accounts Banned on Twitter Now Flourish — and Get a Boost from Trump — on Truth Social Dozens of Truth Social accounts with more than 10,000 followers are spreading slogans, images and beliefs connected to the sprawling conspiracy theories that make up QAnon https://people.com/politics/qanon-f...itter-flourish-boost-from-trump-truth-social/ Dozens of QAnon accounts are being white-listed on Trump's Truth Social https://www.rawstory.com/qanon-truth-social/
I take it we will never see the app in the Google play store... Google hits back at claims by Truth Social's CEO, saying it's waiting on Trump's new app to demonstrate 'effective' content moderation before it's allowed in the Play Store" https://www.businessinsider.com/google-trump-truth-social-android-app-play-store-delay-2022-8