Tag Archives: Truth Social

Lawsuit Claims Truth Social Director Hacked Investors

CNBC News reports: Investment firms led by the former CEO of the SPAC that merged with Donald Trump’s media company allege that their files were hacked and stolen by a current member of the media company’s board of directors. In a federal civil lawsuit filed in South Florida last month, the firms accuse board member Eric Swider of plotting a …

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REPORT: Truth Social Accountant Has Failed Every Audit

Bloomberg News reports: Donald Trump’s social-media company just became the most valuable publicly traded client of an accounting firm that has more experience auditing companies traded over-the-counter and has had a string of regulatory issues, including a 100% deficiency rate on audits reviewed by a US watchdog. Trump Media & Technology Group Corp. said in recent regulatory filings that it …

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Forbes: MTG Has Dumped Her Shares In Truth Social

Forbes reports:  Many Republicans in Congress have no problem giving Donald Trump their political support or spending donor money at his hotels, golf clubs and resorts. But when it comes to using their own funds to back his latest venture, Trump Media & Technology Group, barely any of them want anything to do with it. Just two lawmakers have reported …

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Nunes Dodges On When Truth Social Will Turn A Profit

“As you move forward here, we’re looking at the entire ecosystem. What does it take to make sure that we protect people in the United States and around the globe from these tyrants of big tech who want to silence them? So we’re looking at the whole ecosystem. “Whether that’s through acquiring technology, whether that’s through building technology, those are …

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Trump Social Stock Closes Week In Continuing Nosedive

CNN Business reports: Shares of Truth Social owner Trump Media & Technology Group tumbled 9% on Friday, sinking to their lowest level since the company went public last week. The selloff has erased nearly $2 billion from the value of former President Donald Trump’s stake in the company this week. Trump Media shared surged to as high as $79.38 on …

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Trump Rages As Truth Social Stock Continues To Slide

“All of the competitors to TRUTH SOCIAL, especially those in the Radical Left Democrats Party who are failing at every level, like to use their vaunted ‘disinformation machine’ to try and convince people, and it is not easy to do, that TRUTH is not such a big deal and doesn’t ‘get the word out’ as well as various others, which …

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Truth Social Investors Plead Guilty To Insider Trading

From the Justice Department: U.S. Attorney Damian Williams said: “Michael and Gerald Shvartsman admitted in court that they received confidential, inside information about an upcoming merger between DWAC and Trump Media and used that information to make profitable, but illegal, open-market trades. Insider trading is cheating, plain and simple, and today’s convictions should remind anyone who may be tempted to …

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REPORT: Truth Social Kept Afloat By Russian Loans

The Guardian reports: Donald Trump’s social media company Trump Media managed to go public last week only after it had been kept afloat in 2022 by emergency loans provided in part by a Russian-American businessman under scrutiny in a federal insider-trading and money-laundering investigation. Through leaked documents, the Guardian has learned that ES Family Trust operated like a shell company …

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Trump Sues To Seize Shares From Truth Social Founders

Bloomberg News reports: Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn’t get any stock in it. In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an …

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Truth Social Stock Craters, Closes Day Down Over 23%

Reuters reports: Shares of Donald Trump’s social media company plunged more than 23% on Monday, wiping out the gains from its debut last week, after disclosing millions in losses and saying it would struggle to meet its financial liabilities going forward. Trump Media & Technology Group lost more than $58 million in 2023, the company said in a filing, sending …

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New Filing Shows Truth Social Lost $58 Million In 2023

Axios reports: Former President Trump’s social media company lost over $58 million on just $4.1 million in revenue during 2023, according to new SEC filings. There is a massive disconnect between the financial fundamentals and stock performance of Trump Media & Technology Group, which is valued at more than $7 billion after going public last week. Most of its expenses …

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Axios: Truth Social Is Doomed To Become Penny Stock

Axios reports: Truth Social — the Trump-owned social media platform that started trading yesterday — currently has far fewer users and less income than any social network that has gone public before. While the app does sell some ads, its business is practically non-existent. Truth Social earned $3.4 million in revenue for the first nine months of 2023 and it …

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Trump Media Stock Begins Trading Publicly Today

The Associated Press reports: As Donald Trump’s social media company begins trading publicly Tuesday, would-be investors might ask themselves if the stock is too pricey and potentially too volatile. Trump Media debuts with a stock price near $50 and a market value of about $6.8 billion. Many of Digital World’s investors were small-time investors either trying to support Trump or …

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GOP TikTok Mogul Also Tied To Truth Social Merger

The New York Times reports: Jeff Yass, the billionaire Wall Street financier and Republican megadonor who is a major investor in the parent company of TikTok, was also the biggest institutional shareholder of the shell company that recently merged with former President Donald J. Trump’s social media company. A December regulatory filing showed that Mr. Yass’s trading firm, Susquehanna International …

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Investors Approve Deal To Take Truth Social Public

The Guardian reports: Investors approved plans to take Donald Trump’s social media platform public on Friday, netting the former president a paper fortune of $3bn. Trump Media & Technology, the firm behind his minnow social network Truth Social, has spent years fighting to land on the stock market via a so-called “blank check” merger with a shell company. It finally …

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Trump’s Truth Social Windfall Won’t Come In Time

Politico reports: Donald Trump is on the verge of gaining what could be a massive windfall from his social media company. But it will likely come too late to save him from the financial peril he’s facing now. Investors on Friday are expected to sign off on a deal to allow Trump’s new venture, which operates Truth Social, to be …

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WaPo: Trump Tried To Sell Truth Social To Elon Musk

The Washington Post reports: Former president Donald Trump asked Elon Musk last summer whether the billionaire industrialist would be interested in buying Trump’s social network Truth Social, according to two people with knowledge of the conversation. The overture to Musk, whose business empire includes SpaceX, Tesla and the social networking site X, did not lead to a deal. But the …

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Deep State Crashes Truth Social During Biden’s SOTU

Forbes reports: Former President Donald Trump’s Truth Social platform was plagued with a barrage of outages just minutes into President Joe Biden’s State of the Union speech—impairing Trump’s plans for a live rebuttal of the president’s annual address. Truth Social users flagged outages on the website just after 9 p.m. Thursday, according to the Downdetector outage tracker website that recorded …

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Truth Social Co-Founders Sue For Stake In Company

The Washington Post reports: The co-founders of former president Donald Trump’s media company filed a lawsuit Wednesday, claiming that Trump and other leaders had schemed to deprive them of a stake in the company that could be worth hundreds of millions of dollars. The case could complicate a long-delayed bid by Trump Media & Technology Group, owner of the social …

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SEC Approves Merger To Take Truth Social Public

Politico reports: Donald Trump may be finally headed for Wall Street. The Securities and Exchange Commission has signed off on one of the last outstanding hurdles to a more than two-year-old planned merger to take the former president’s media venture public, according to the companies behind the deal, Trump Media & Technology Group and Digital World Acquisition Corp. Now, pending …

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