Trump’s Truth Social Big Payday May Be Falling Apart
from the nice-try dept
Donald Trump promised to take the social media world by storm with his Truth Social Twitter-clone for the MAGA world. “Free speech!” he claimed as he banned anyone who criticized him. Of course, from the beginning, many suspected that this was all a very sketchy grift, using a SPAC to try to cash in on gullible MAGA folks willing to pump up a shell company stock well beyond what it could possibly be worth.
Except, everything continues to fall apart. Even with Trump himself finally starting to “Truth” it up during the January 6th hearings (which have been quite damning), the site is struggling to remain relevant. It’s even gotten to the point that the ban and block finger is so heavy that he’s blocking some of his biggest fans, and they’re not happy about it.
It’s almost as if it was never about “free speech” after all.
Oh, and also, Reuters has a giant report on how the company is having trouble attracting tech talent, and that other tech companies are steering way clear of partnering with the company as well, because it’s seen as such a toxic asset all around.
Truth Social last summer started recruiting tech talent. Executives sought to find ideologically aligned staffers, in at least one case scanning candidates’ social media and listening to their appearances on podcasts, according to a person familiar with company operations. But the company struggled to woo skilled tech workers, regardless of their politics, according to three people with knowledge of the recruiting efforts.
Those with the company’s preferred conservative politics, or at least a commitment to its stated free-speech mission, were in short supply, they said. And tech workers with liberal or moderate politics usually wanted nothing to do with the Trump company. One person approached by TMTG told Reuters it was an easy offer to refuse. Beyond a distaste for Trump’s politics, this person cited concerns about the former president’s history of business failures – the DWAC filing lists six Trump entities that have filed for bankruptcy – and about TMTG’s financing arrangements.
But, perhaps the bigger threat on the horizon is that the SPAC shell game with Digital World Acquisition Corp. may be in serious doubt. The SEC has ramped up its investigation into what’s going on here.
And, as Liz Dye at Wonkette points out, things seemed to get even worse, as DWAC is now facing a grand jury investigation as well:
The SEC investigation continues apace. But in the meantime, DWAC disclosed this morning that the company and its board members had all gotten subpoenas from a federal grand jury in the Justice Department’s office in the Southern District of New York. And that shark tank does not hand out investment capital.
The grand jury is seeking substantially the same information as the SEC, and it has specific questions about Miami investment firm Rocket One Capital. CNBC reports that DWAC board member Bruce Garelick resigned last Wednesday. Garelick is — or perhaps was — the chief strategy officer for Rocket One. We’d check his status, but as of this morning, the company’s website looks like this:
Probably just a coincidence, right?
Oof. Anyway, at the very least, all of this is going to delay the SPAC deal, and it may delay it permanently. The gang that couldn’t shoot straight can’t even pull off the whole cashing out part of the grift for its social media site that barely works, is having trouble attracting a meaningful userbase, and is kicking people off for any kind of wrongspeak.
Filed Under: donald trump, grand jury, reverse merger, subpoena
Companies: dwac, truth social
Comments on “Trump’s Truth Social Big Payday May Be Falling Apart”
I was more entertained that his faithful missed him leaking the truth in his rant…
She is someone I never met…
I turned her down personally when she wanted to come with us to Mar-a-Lago…
So someone he never met, despite the fact she worked for Meadows and was in the fing room with him, asked him to join him on the flight to Mar-a-Lago and he remembers turning her down…
You could try to make me feel bad for those who fell for the latest grift, but…
1 – Their only value to me is enjoyment of their sorrow
2 – The are living proof of the TACtruism Humans can not learn. How many bankruptcies?? How many failed ideas?? How many exposed scams?? And knowing all of this… you gave him your money?! Thank the FSM that y’all slashed away that social safety net that you are now in need of.
3 – He handpicked the idiot who picked a fight with an imaginary cow AND LOST.
But hey JFK will appear in Daley Plaza any day now and reveal he never died, JFK Jr. didn’t die, and they totes are coming back to help Trump…
We need more lead testing of water.
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But hey, JFK will appear in Daley Plaza any day now and reveal he never died, JFK Jr. didn’t die, and they totes are coming back to help Trump…
We need more lead testing of water.
Definitely. Do they not realise that JFK and his son were Democrats?
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No.
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I… guess you missed the rhetorical question. m-/
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Considering the stupid seeping through the US population, answering rhetorical questions seems to be the only way to drive the point home and in many cases even that aren’t enough.
That sound you hear is Koby, Hamilton and restless94110 collectively wetting their pants.
Seems like even some of Trump’s ass kissing followers are starting to see the Truth about Trump.
They are going to have to rename it Crickets Social.
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In a few years, when hating Trump is as American as apple pie and Tom Cruise movies, they’ll say they always hated that orange son of a bitch. But they’ll never admit they were wrong about him—hell, they’ll even try to admit they never supported him. Nothing hurts a conservative’s feelings more than admitting to being wrong about something.
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I like your optimism.
Imagine that...
Another Trump “business” failing.
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What ‘Truth Social’ shows is how easy it is easy to create an Internet platform. It also shows how hard it is to make an Internet platform successful.
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It’s certainly hard when your goal is the exact opposite.
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Indeed, it must be ridiculously hard to destroy the success of a rival Internet platform. But then again, their main rival is doing all the hard work for them.
damn good job! man’s an asshole of the first order!!
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Missed The Ball
Trump has got to be furious at the competition. He was in position to be the only game in town. Then Parler began making a recovery. And then Elon announced the Twitter takeover to quite possibly restore sanity. Meanwhile, Trump didn’t engage on his own platform for quite some time, and still doesn’t have an android app. So now Trump has to play catchup. He had a window to execute, but it might be too late now.
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If he didn’t see this coming, he has to be the stupidest business person in the world….
Oh, wait, he has proven that over and over again with all of his failures.
Hell, he even bankrupted a casino… That takes galactic levels of stupidity and greed.
Or, Truth is nothing more than a big grift and he will have already cashed out everything he could before the inevitable crash and burn.
Let’s just hope Devin is left holding on so we can all watch him go down with the titanic.
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And then Elon announced the Twitter takeover to quite possibly replace sanity.
You had four letters wrong. Fixed now. 🙂
Re: Won't happen
The Tangerine Tyrant Tantrum has the Mierdas Touch
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I should use “mierdas touch” more often. Thanks! Imma steal your idea…
Honestly i’m still surprised they can’t attract enough tech talent. There are plenty of very much aligned tech folks out there.
It definitely says something about their trust in the business and leadership and finances that they would verbally deny to their deaths.
'Are you kidding, have you seen what he does to businesses?!'
Who could have possibly seen that coming, I mean really, a Trump business failing? When has that ever happened?
I do have to chuckle at the idea that even the people aligned with him politically don’t want to have anything to do with this latest dumpster fire, it’s almost as though he has some sort of reputation of some sort that might make working for/with him be seen as a less-than-desirable option.
Seriously, what else would you expect from the man who is reputedly the love child of Rube Goldberg and Heath Robinson, and is certifiably the direct descendant of Piltdown Man (eoanthropus dawsoni) and Nebraska Man (hesperopithecus haroldcooki)?
I expect these attributes will one day see him on exhibition at the Smithsonian, perhaps with an apple in his mouth, perhaps not.
Was it really anything more than another grift?
For real… was “Truth Social” really ever anything more than another trump grift? Sure the orange ape turd is pissed it didn’t surpass Twitter, but was he really ever going to do more than dabble with it and then lose interest after he solicited more mountains of money from the gullible saps he hoped would flock to it…
His true obsession was Twitter all along.
He’d always be more more interested in Twitter because he was banned from it and you can’t tell Baron Von Dumfuk “no” ever… he’d be obsessed with it until the day he died… but fortunately for him ol’ Muskrat will reinstate him, so the hell with his “Truth Social” once he can have his precious Twitter again.
My only consolation is that he fucked over whoever invested in that fascist dumpster fire to begin with… more loyalist mooks left holding the bag yet again.
I hate him, but it’s still fun to see his stupid followers get what they deserve for being so shitty and trusting of such a shitty and evil person as him.
And if you are thinking “who’s left holding the bag?”, don’t worry, whatever that sack of died up horse shit does, someone who trusted him get screwed.
It’s pretty much his one guaranteed signature move.
Really? Spam for a kitchen faucet? In German, no less.
You’d think German spam would be more efficient than this.
Techdirt, for all your German plumbing needs.
I’d think it’d be Italian plumbing…or does Nintendo have a monopoly on that?
Even if they don’t, they’re still likely to send a DMCA over your use of ‘their property’. 😉