Market Value Of ‘Truth Social’ Is Dropping Like A Rock

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If there’s anything Trump can be counted on to do, it’s lose money. The proclaimed billionaire and genius businessman has filed bankruptcy six times, lost massive amounts of cash on his line of casinos (which are built to never lose money), and had once launched Trump-branded products like steaks and liquor, both of which failed badly, and claimed losses of money larger than literally any other American in the 1980s and 1990s.

It looks as though his latest venture, a social media company called TruthSocial, may prove to be nothing more than his latest flop. On Monday, stock in the company who took the social media site public plummeted by 14 percent due to reports that TruthSocial appears to be falling apart.

According to Investing.com:

‘Stock of Digital World Acquisition Corp (NASDAQ:DWAC), the SPAC bringing former President Donald Trump’s social media platform public, plunged 14% in premarket trading Monday after the company was rocked by the exit of two key tech executives.’

In addition to glitches with the launch and a waitlist of users who have tried to use the app but were unable to, two top tech executives left the company. User sign-ups have fallen and the site launched in February but has yet to work out the bugs.

The Daily Beast reports that:

‘Josh Adams and Billy Boozer, who headed up the right-wing platform’s technology and product development, have both left after joining the struggling company last year. The platform’s rollout was bumpy from the start, with users running into glitches and errors when it dropped on Apple’s App Store in February. Since its launch, app downloads have gone from a high of 170,000 downloads a day to a mere 8,000.’

In the end, poor Devin Nunes, who left Congress to run TruthSocial, will just be jobless. The company is already being branded a “disaster” and can be added to the long list of other disasters for which Trump is responsible.

According to the BBC:

‘The app launched on Presidents’ Day, 21 February, but six weeks later is beset by problems. A waiting list of nearly 1.5 million are unable to use it…Truth Social might look like Twitter, but it isn’t available on Android phones, web browsers or, apparently, to most people outside the US. “It’s been a disaster,” Joshua Tucker, director of NYU’s Center for Social Media and Politics, said.’