With only a minuscule following six months after opening, there are increasing indications that Donald Trump’s social media site Truth Social is having financial difficulties.
According to a story on Fox Business Network published on Thursday, the site has stopped paying its host, RightForge, and now owes $1.6 million.
Trump Media and Technology Group, the platform’s parent firm, as well as RightForge did not respond to AFP’s requests for comment.
Ten months after it was announced, the parent company’s merger with Digital World Acquisition Corp., a blank check corporation created solely to carry out a merger, hasn’t happened. The Trump campaign is expected to receive new financing as a result of this convergence.
A call for a special shareholders meeting on September 6 will be released by DWAC on Thursday. Investors will be asked to support a one-year postponement of the merger until September 8 of 2023.
The blank check company claimed that it would be compelled to dissolve if there was no favourable vote for an extension.
According to financial information released on Thursday, DWAC had only $3,000 in cash on hand as of late June.
Truth Social describes itself as Donald Trump’s response to social media sites like Twitter, which the former president used as a loud political bullhorn until he was kicked off of it in January 2021 after a mob he had incited attacked the US Capitol.
But six months later, it is ranked 30th in an Apple list of iPhone social media apps.
According to the Statista database, Truth Social is only downloaded 50,000 times a week on average.
Trump’s account on Truth Social has 3.91 million followers; when he was banned from Twitter, he had 79.5 million.
Since peaking in early March, shares of DWAC have dropped by 71%.
Aryan Jakhar works as an Editor-in-Chief at The Shining Media. Also, he is an editor at YouthPolitician (digital media situated in Taiwan). He writes his opinions on social issues at YouthKiAwaaz and also on his blogger website.