After a whirlwind couple of months for the Trump family, including multiple indictments, it has become clear that his social media platform Truth Social, enjoyed by about 2 million Trump followers, is at risk of failing.
Trump’s Tough Times
Former President Donald Trump is facing a series of challenges, including multiple indictments and an impending trial, but now something else he loves is under attack.
Trouble for Truth Social
Trump’s beloved social media platform, Truth Social, is in jeopardy, with a pivotal test on the horizon.
The High-Stakes Deal
The deal to take Truth Social public could determine whether it soars as a multibillion-dollar company or crashes and burns.
The Merger Plan
Back in October 2021, Trump’s company, Trump Media & Technology Group, planned to merge with Digital World Acquisition Corp (DWAC), a special-purpose acquisition company (Spac).
Shareholders Face a Dilemma
Digital World’s shareholders are now asked to grant an extension to complete the deal or risk DWAC’s dissolution, a decision that could cost them a hefty sum of money.
A $300 Million Decision
Refusing the extension means Digital World must return $300 million to shareholders, leaving Trump’s company with nothing.
A History of Extensions
The deal’s deadlines have been extended five times, raising concerns and questions about its viability.
Running Out of Time
University of Florida Finance Professor Joe Ritter commented, “The deal does seem to be running out of time. You can’t just keep getting extensions forever.”
Allegations surfaced that the company initiated discussions with Trump’s team before SPAC rules allowed.
CEO Termination and a Tarnished Reputation
The board terminated the company’s chief executive before another former board member was arrested, tarnishing the reputation of the deal.
Insider Trading Scandal
A former board member faced insider trading charges, and Digital World also agreed to an $18 million settlement for misleading investors and providing false information to the Securities and Exchange Commission (SEC).
Trump Media’s Accusations
Trump Media blamed regulators, accusing the SEC of “sabotaging” the merger and delaying the process.
Truth Social’s User Base
Truth Social boasts an estimated 2 million users, significantly fewer than other major social media platforms.
Social Media Giants
In comparison, Facebook, YouTube, WhatsApp, Instagram, and X (formerly Twitter) have billions of users combined.
The Big Decision Looms
As the crucial meeting approaches, the fate of Truth Social hangs in the balance. With the clock ticking, the world watches to see if Truth Social will rise or fall.
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Featured Image Credit: Shutterstock / Rokas Tenys. The people shown in the images are for illustrative purposes only, not the actual people featured in the story.