Investors Threaten To Pull The Plug On Truth Social

Politico reports:

Big investors are starting to eye the exits on the $1.3 billion bid to take former President Donald Trump’s new social media startup public. The hedge funds, trading firms and other major backers are questioning whether the financial riches that first attracted them to the transaction are still strong enough to hold their interest in a deal fraught with troubles.

The group of more than three dozen investors who had planned to put $1 billion into the company have begun to waver as bad news keeps piling up around the deal, including a Securities and Exchange Commission investigation, a lawsuit by a scorned business partner against the company taking Trump’s venture public and reports that the Trump social network at the heart of the planned operation is struggling to pay its bills.

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Big investors are starting to eye the exits on the $1.3 billion bid to take former President Donald Trump’s new social media startup public.https://t.co/NsJyrAeLOP

— POLITICO (@politico) October 3, 2022