Trump’s New Company Is A Total Dud & He Doesn’t Even Post

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Truth Social, the new Trump-backed social media site, is… not going well, as a new report from Axios lays out. As of the report’s preparation, former President Donald Trump’s own account on the site had under 80,000 followers, and that was it — a stark contrast to the some 88 million accounts that followed his Twitter profile. As recapped by Axios, the struggles to get the site up-and-running could have an impact on investors’ interest in the operation. “The SPAC that agreed to take Truth Social public is valued at over $3.5 billion. At some point, investors will begin paying attention,” the outlet summarizes.

That SPAC, or special purpose acquisition company, is known as Digital World Acquisition Corp., and values for its shares have widely varied in the time since the announcement of plans to merge with the Trump Media & Technology Group — although the share price has recently been on a general upswing. It temporarily surpassed $100 a pop during trading on Wednesday — but there’s a lot more going on here, including investigations by federal financial authorities including the Securities and Exchange Commission (SEC). Federal officials have apparently been looking into the nature of behind-the-scenes talks about the merger plans before these plans were announced; the SEC targeted “documents relating to meetings of DWAC’s Board of Directors, policies and procedures relating to trading, the identification of banking, telephone, and email addresses, the identities of certain investors, and certain documents and communications between” Digital World Acquisition Corp. (DWAC) and the Trump-named company, according to DWAC’s revelations.

In the Axios article, which was published on Wednesday, writer Dan Primack noted how the app’s ‘launch itself was buzzy, with Truth Social shooting to the top of Apple’s App Store (there isn’t yet an Android or web version). But the vast majority of people downloading the app, me included, were given a waitlist number. Nine days later, most of us remain on that waitlist, with our number unchanged and without a word of communication from the company. A waitlist “refresh” icon doesn’t work. As of this writing, Truth Social has fallen to No. 57 in the App Store, just behind Tinder and Planet Fitness Workouts.’ Trump himself hasn’t even posted on his Truth Social account since the app publicly rolled out… so yeah, this whole thing isn’t exactly going well. Read more at this link.