{"id":488051,"date":"2022-08-26T23:48:48","date_gmt":"2022-08-26T20:48:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/donald-trumps-truth-social-app-facing-financial-fallout\/"},"modified":"2022-08-26T23:48:48","modified_gmt":"2022-08-26T20:48:48","slug":"donald-trumps-truth-social-app-facing-financial-fallout","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/donald-trumps-truth-social-app-facing-financial-fallout\/","title":{"rendered":"#Donald Trump\u2019s Truth Social app facing financial fallout"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bc649cff1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bc649cff1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/donald-trumps-truth-social-app-facing-financial-fallout\/#%E2%80%9CDonald_Trumps_Truth_Social_app_facing_financial_fallout%E2%80%9D\" >&#8220;Donald Trump\u2019s Truth Social app facing financial fallout&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CDonald_Trumps_Truth_Social_app_facing_financial_fallout%E2%80%9D\"><\/span>&#8220;Donald Trump\u2019s Truth Social app facing financial fallout&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Former President Donald Trump\u2019s\u00a0<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> outfit, Truth Social, is locked in a bitter battle with one of its vendors\u00a0claiming that the platform is stiffing the company out of more than $1 million in contractually obligated payments, FOX Business has learned.<\/p>\n<p>If the allegations are true, they would suggest that\u00a0Truth Social\u2019s\u00a0finances are in significant disarray, people with direct knowledge of the matter say. Internet infrastructure company RightForge is said to be among Truth Social\u2019s largest vendors and creditors, these people say.<\/p>\n<p>In October, RightForge announced it entered into an agreement to host Truth Social, which Trump helped create after he was banned by Twitter following the Jan. 6 riots. RightForge now contends that Truth Social has reneged on its contractually obligated monthly payments for setting up the platform\u2019s web-servicing infrastructure, according to three people with direct knowledge of the matter.<\/p>\n<p>These people say RightForge contends that Truth Social has made just three payments and ceased making any payments since around March. RightForge claims that Truth Social owes it around $1.6 million and is threatening legal action to recoup the money, these people add.<\/p>\n<p>RightForge CEO Martin Avila declined to comment \u201con any private matters,\u201d but wouldn\u2019t deny the disagreement between the two entities. He added in a statement: \u201cOur founding vision is to make a second internet to support American ideas online. RightForge believes in the mission of President Trump\u2019s free speech platform and wish to continue supporting the president in his media endeavors.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social2.jpg?w=1024\" alt=\"Truth Social app\" class=\"wp-image-23630801\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Interest in the platform has peaked recently in the aftermath of the FBI raid on Trump\u2019s Mar-a-Lago residence.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>A spokesman for Truth Social also would not deny the matter when contacted by FOX Business. A spokesman for Trump had no comment.<\/p>\n<p>Since its launch in February, Truth Social has been the main conduit for the former president to make public announcements and attack critics. While its reach pales in comparison to Twitter\u2019s estimated 200-million-plus active daily users, interest in the platform has peaked recently in the aftermath of the FBI raid on Trump\u2019s Mar-a-Lago residence.<\/p>\n<p>Truth Social is part of Trump Media and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> Group, a holding company for the platform that, according to regulatory filings, has broader plans to expand into streaming and other services to promote Trump\u2019s political brand. Trump is said to hold a controlling interest in Truth Social, though his monetary investment in it is said to be negligible to nonexistent, and he is not in control of its day-to-day operations.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>In January, former\u00a0Republican California Rep. Devin Nunes\u00a0was named the CEO of Trump Media with Trump described in regulatory filings as its chair. Nunes didn\u2019t return an email for comment.<\/p>\n<p>But Truth Social\u2019s launch has been anything but smooth. Its early rollout was plagued with technological glitches. More recently, its planned merger with Digital World Acquisition Corp., a special purpose acquisition company, or SPAC, has been put off indefinitely amid various probes into its business dealings, including a Justice Department grand jury probe and an investigation by the Securities and Exchange Commission.<\/p>\n<p>Digital World and Trump Media have said they are cooperating with the probes even if they <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to be a significant stumbling block in completing the merger. In a recent regulatory filing, Digital World said it is seeking shareholder approval to delay the Sept. 8 deadline for combining the companies until next year as the investigations swirl.\u00a0<\/p>\n<p>In the same filing, Digital World said: \u201cIf 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, [Trump Media\u2019s] results of operations, as well as the outcome of the proposed Business combination, could be adversely affected.\u201d<\/p>\n<p>A representative for Digital World didn\u2019t return an email and telephone call for comment. Shares of Digital World have declined\u00a0more than 42% since the beginning of the year.<\/p>\n<p>Trump himself faces mounting legal woes including a Justice Department probe over his role in the Jan. 6 Capitol riot; a New York state civil probe into the finances of the Trump Organization, his real estate and branding business; and, most recently, a DOJ probe into whether he mishandled classified documents at his Mar-a-Lago estate that led to the recent FBI raid.<\/p>\n<p>Trump says the investigations are politically motivated as he prepares for a possible\u00a0White House bid in 2024. While traffic to Truth Social has been spiking amid the controversies, it\u2019s unclear if any of this is helping its bottom line.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social3.jpg?w=1024\" alt=\"Donald Trump earlier this month.\" class=\"wp-image-23630935\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social3.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>A filing said Truth Social doesn\u2019t yet generate revenues and \u201cmay begin to generate revenue from the Truth Social platform as early as 2023.\u201d<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>In a May regulatory filing, Digital World stated: \u201cThere is no operating history upon which to base any assumption as to the likelihood that [Trump Media] will prove successful and [Trump Media] may never generate any operating revenues or ever achieve profitable operations. If TMTG is unsuccessful in addressing these risks, its business will most likely fail.\u201d\u00a0<\/p>\n<p>The filing added that Truth Social doesn\u2019t yet generate revenues and \u201cmay begin to generate revenue from the Truth Social platform as early as 2023.\u201d<\/p>\n<p>People at RightForge believe that their business contretemps with Truth Social are rooted in the platform\u2019s business problems, the\u00a0three people tell FOX Business. RightForge bills itself as an internet company that caters to conservatives, an alternative to the progressive elite that dominates Silicon Valley.<\/p>\n<p>In an interview with Axios in October 2021 announcing his partnership with Truth Social, Avila said: \u201cIf you believe that the president should be de-platformed, we believe that you\u2019re not really interested in living in a free country. And that\u2019s really what we\u2019re all about is making sure that America stays true to its core ideas, and that the marketplace of ideas stays open.\u201d<\/p>\n<p>He added that RightForge was working toward creating an infrastructure so that Truth Social could compete with Twitter and have more than 75 million users. \u201cWe\u2019re laying the groundwork for that,\u201d Avila told the publication. \u201cThat\u2019s why there will be servers everywhere.\u201d<\/p>\n<p>It\u2019s unclear if Trump Social is having issues with other vendors over payment for services, these people add. One person with knowledge of the matter said Trump Social informed RightForge that it stopped making the payments over \u201cbreach of contract.\u201d FOX Business couldn\u2019t determine the alleged breach.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/08\/26\/donald-trumps-truth-social-app-facing-financial-fallout\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Donald Trump\u2019s Truth Social app facing financial fallout&#8221; Former President Donald Trump\u2019s\u00a0social media outfit, Truth Social, is locked in a bitter battle with one of its vendors\u00a0claiming that the platform is stiffing the company out of more than $1 million in contractually obligated payments, FOX Business has learned. If the allegations are true, they would&#8230;<\/p>\n","protected":false},"author":1,"featured_media":488052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/08\/trump-truth-social1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[132669,4941,4976,10401],"class_list":["post-488051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-26-22","tag-donald-trump","tag-social-media","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/488051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=488051"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/488051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/488052"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=488051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=488051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=488051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}