Trump’s Social Media Platform Is Struggling Financially

On August 26, multiple US media reported that former President Donald Trump’s social media platform Truth Social faces serious financial problems. The platform has stopped making any payments to the largest vendor and creditor RightForge and currently owes around $1.6 million.

Since its launch 6 months ago, Truth Social is downloaded around 50,000 times per week, and is ranked the 30th in an Apple ranking of social media download onto iPhones. Trump has 3.91 million followers on Truth Social but a whopping 79.5 million on Twitter. It is deadly for a platform to sees its user number increasing too slow.

In October 2021, DWAC owned by Wu Zheng, also known as Bruno Wu announced to merge with a new firm Trump Media and Technology Group (TMGT), which is a holding company for Truth Social, to publicly list the company. But DWAC recently asked for a one-year extension to September 8, 2023 to complete the deal due to the fact that the SEC launched an investigation into DWAC in December last year. But DWAC only has $3,000 cash in hand according to financial data published as of late June this year, and DWAC shares have fallen 71% since March this year.

Miles Guo cautioned that this deal by Bruno Wu was a scam since the very beginning, but unfortunately President Trump was already involved.