Posted on 09/02/2023 2:19:18 PM PDT by thegagline
When former president Donald Trump’s media start-up announced in October 2021 that it planned to merge with a Miami-based company called Digital World Acquisition, the deal was an instant stock-market hit. *** With the $300 million Digital World had already raised from investors, Trump Media & Technology Group, creator of the pro-Trump social network Truth Social, pledged then that the merger would create a tech titan worth $875 million at the start and, depending on the stock’s performance, up to $1.7 billion later. *** “Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!” Trump said in a Trump Media statement that month.
*** Digital World is fast approaching a Sept. 8 deadline for the merger to close and has scheduled a shareholder meeting for Tuesday in hopes of getting enough votes to extend the deadline another year.
If the vote fails, Digital World will be required by law to liquidate and return $300 million to its shareholders, leaving Trump’s company with nothing from the transaction.
For Digital World, it would signal the ultimate financial fall from grace for a ***SPAC, that turned its proximity to the former president into what was once one of the stock market’s hottest trades. Its share price, which peaked in its first hours at $175, has since fallen to about $14.
*** Though Trump Media projected in a 2021 investor presentation that the site would have 41 million total users by the end of this year, usage estimates from Similarweb, a data firm that analyzes web traffic, suggest it is a long way from reaching that goal. According to Similarweb estimates, roughly 500,000 monthly active users in the United States visited Truth Social via its Apple and Android mobile apps in July, down from 600,000 in June.***
(Excerpt) Read more at washingtonpost.com ...
My problem with Truth Social is almost no interaction and dialogue. I must have enjoyed it too much on Musk’s platform for I was permanently banned. Lol.
Guess I won’t go with your word.
They generally out themselves eventually and get the ZOT.
Elon Musk taking over Twitter and unbanning everyone killed the whole point for Truth Social.
Every Biden voter nods
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