Wait...that garbage was a public stock?!?
Company Behind Trump's Truth Social Lost $6.5M, Stock Plunged 72 Percent
BY
ANDREW STANTON ON 8/27/22 AT 4:43 PM EDT
Digital World Acquisition warned that its operations "could be adversely affected" by the ex-president's popularity.
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What Is TRUTH Social? Donald Trump's New Social Media Platform Explained
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NEWSU.S. POLITICSDONALD TRUMPTRUTH SOCIALECONOMY
Digital World Acquisition, the company behind former President
Donald Trump's Truth Social online platform, lost nearly $6.5 million in the first half of 2022 as the company warns of Trump's potential "adverse" impact on business.
Trump launched Truth Social in February, more than a year after he was
banned from most social media sites including
Facebook and
Twitter in the aftermath of January 6, 2021, when a mob of his supporters—in part motivated by his unfounded claims of widespread voter fraud during the 2020 presidential election—
rioted at the United States Capitol in a failed effort to force
Congress to block President
Joe Biden's Electoral College victory.
The social media platform has been used by many conservatives as an alternative to Twitter, which they have accused of censoring them, as well as the main way Trump has communicated with his supporters in recent months. However, its
launch was plagued by financial and legal issues.
The company's latest filings with the U.S. Securities and Exchange Commission (SEC) outline its latest potential setbacks. According to the filing, the company lost a net of $6,225,776 from January through June 2022.
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Above, a photo of Truth Social glitching in Los Angeles on February 21. Digital World Acquisition, the company behind Truth Social, has lost nearly $6.5 million since January, according to a new SEC report.CHRIS DELMAS/AFP VIA GETTY IMAGES
Digital World Acquisition's stock has plummeted in recent months, as well. In March, its stock prices peaked at $97.54 a share, but that has declined to $27.52 per share as of Friday. That equates to nearly a 72 percent drop in the company's stock prices.
In a SEC filing, the company warned about how the ex-president could further damage its operations going forward.
"If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, TMTG's results of operations, as well as the outcome of the proposed Business combination, could be adversely affected," the filing reads.
