Trump to launch TRUTH social network (1 Viewer)

Former President Donald Trump's Twitter knockoff Truth Social stiffed a contractor in the latest sign of financial "disarray" at the troubled social network, according to Fox Business.

Truth Social, which is headed by former Rep. Devin Nunes, R-Calif., is in a "bitter battle" with RightForge, the network's web host and one of its largest vendors, over $1.6 million in unpaid bills, according to the report.

The company entered into an agreement with Truth Social in October. Sources told Fox Business that Truth Social made just three payments and hasn't paid anything since March. The company is now threatening legal action unless it is paid, according to the report.

RightForge CEO Martin Avila did not deny the report but told the outlet he would not comment on "any private matters."

"RightForge believes in the mission of President Trump's free speech platform and wish to continue supporting the president in his media endeavors," he said in a statement.

A spokesperson for Truth Social likewise did not deny the allegations.

Trump and his companies have a long record of stiffing contractors. "Trump never pays his bills," tweeted Jeff Jarvis, a media professor and blogger.........

efil4 said:

Caveat emptor.

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what's Latin for Seller Beware?

That's more applicable for anyone doing business with Trump

superchuck500 said:

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It takes a brave investor to go into business with Donald Trump.

The former president’s hotels and casinos have declared bankruptcy six times. Trump’s short-lived airline crashed.

He paid out millions of dollars to settle multiple lawsuits for running an unlicensed “university” that the conservative National Review called a “massive scam”.

And then there is the Trump Organization’s looming criminal trial for tax fraud.

For all that, a business built around Trump’s famed ability to rile up millions of people online must have seemed a good bet to those who poured money into backing the company behind his rival to Twitter, Truth Social.

Now that too has run into trouble as more than a billion dollars in investment has stalled amid shareholder hesitation and a federal investigation into whether Trump Media and Technology Group broke the law in its dealings with a company set up to provide the money.

As so often with the former president, it’s not immediately clear what is going on.

Trump launched Truth Social in February after he was thrown off of Twitter for inciting violence after he lost the presidential election. He previously ran a blog, From the Desk of Donald Trump, but it shut down after less than a month because almost no one was reading it.

Truth Social has fared better as a vehicle for Trump to rile his base and rage against his enemies, and for white nationalists and others on the far right to say what they cannot on Twitter. But it has failed to generate the kind of reach enjoyed by other social media platforms.

Trump has about 4 million followers on Truth Social compared with 80 million on Twitter, in part because its reach has been limited by a ban by Google’s app store for failing to take down posts making physical threats and inciting violence.

Truth Social had only 11.5m visits in July compared with 7bn to Twitter, according to the online analytics firm Similarweb. Last month, Trump Media reported losing $6.5m in the first half of this year. It is also reported to be in debt to a web hosting company…….

DJT stock down another 30% this morning.

superchuck500 said:

DJT stock down another 30% this morning.

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Posted in another thread

Trump stands to gain an additional 36,000,000 shares if the stock price stays above $17.50 for 20 days since merger within 3 yr period- which is April 18 ( and experts think that will be THE day as once the stock dips below that, it will never get above - based on its fundamentals )

So the next 3 trading days will be interesting.

Fell precipitously today as DJT filed to issue millions more shares - which is basically diluting the price per share.

efil4 said:

Posted in another thread

https://www.barrons.com/articles/djt-trump-media-truth-social-stock-price-shares-e3da7309

Trump stands to gain an additional 36,000,000 shares if the stock price stays above $17.50 for 20 days since merger within 3 yr period- which is April 18 ( and experts think that will be THE day as once the stock dips below that, it will never get above - based on its fundamentals )

So the next 3 trading days will be interesting.

Fell precipitously today as DJT filed to issue millions more shares - which is basically diluting the price per share.

https://www.barrons.com/articles/djt-trump-media-truth-social-stock-price-shares-e3da7309

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We really have no functional regulation on the stock market do we? I mean this entire thing is a grift. There’s zero value to this stock, yet Trump could walk away with millions for it.

MT15 said:

We really have no functional regulation on the stock market do we? I mean this entire thing is a grift. There’s zero value to this stock, yet Trump could walk away with millions for it.

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100s of millions if not a billion or 2.

The stock market is self-regulating in the sense that investors get to see the fundamentals of a company whenever they want. Investors SEE the profit/loss. They are told the prospectus/forward outlook.

Lets be clear tho- the only folks he is grifting from are the ones he HAS been conning for last 8 years.

Again, the beauty of the con- no one wants to believe they have fallen victim to a con. Not me. Im too smart for that. So they keep going in hopes that somehow they get their "investment" return ( be it winning election, profiting off junk stock etc )

The stock market is pure capitalism. Only real rules are against insider trading - which is hysterical in and of itself,

Like I said some posts back - the Market is the easiest embezzlement, money laundering, bribery and grifting scam because it's legal.

MT15 said:

We really have no functional regulation on the stock market do we?

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There's a lot of regulations on the stock market, but unless you are an investor or a broker, you wouldn't necessarily hear about or know of them.

MT15 said:

I mean this entire thing is a grift. There’s zero value to this stock, yet Trump could walk away with millions for it.

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The value of the stock is what people choose to pay for it, and people assign that value based on their expectations of return on their investment. Is Truth Social a grift? It may be the least "grifty" Trump enterprise, as it delivers what it offers, a platform for right wing nuts where they can be their right wing nut selves.

I should have worded it better. Yes, we have a lot of regulations. But they aren’t enforced or only enforced in a spotty manner. Insider trading being a prime example.

CoolBrees said:

The stock market is pure capitalism. Only real rules are against insider trading - which is hysterical in and of itself,

Like I said some posts back - the Market is the easiest embezzlement, money laundering, bribery and grifting scam because it's legal.

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There are plenty of real rules. If you are a small-mid level investor, you'll quickly learn about them. People who trade in the millions, they have armies working for them, dealing with those rules.

MT15 said:

I should have worded it better. Yes, we have a lot of regulations. But they aren’t enforced or only enforced in a spotty manner. Insider trading being a prime example.

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That's not true. The regulations are enforced, and not in a spotty manner. And the enforcement of those regulations has serious impact on all sides. You just don't hear about them until very rich people are involved and the amounts of money run in the millions.

SystemShock said:

That's not true. The regulations are enforced, and not in a spotty manner. And the enforcement of those regulations has serious impact on all sides. You just don't hear about them until very rich people are involved and the amounts of money run in the millions.

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Okay, but we read about Congress members almost weekly, yet the enforcement is rare or lags way behind. I just read about a MOC dumping Boeing after he received briefings about their issues before they were made public.

I have also read that these pump and dump schemes like Truth Social are afoul of several regulations and the SEC is “watching” them. Bet you Trump walks away with his millions or billions before they ever act. I have also read the Musk is also on the wrong side of SEC regulations consistently.

MT15 said:

I should have worded it better. Yes, we have a lot of regulations. But they aren’t enforced or only enforced in a spotty manner. Insider trading being a prime example.

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its it perfect? by no means.

They are enforced when there is a clear violation of the regulations.

But remember, there are 100s of millions of $$$ at stake so inevitably, there will always be those that are working tirelessly to skirt the regulations to make millions/billions in profit.

Part of the issue is that the market growth, in certain time frames, has been exponential. And many individual investors get swept up in the "fever", neglecting the most basic of principles of investing. Its extremely hard not to try and keep up with your friend, who fell arse-backwards into a stock that is pushing 50-100% returns out of no-where. So folks are primed to take a "chance" by chasing that high REWARD but high RISK investment.

i was one of those people- in my 30s i was looking to "hit a lick" on something...i invested lots of $$$ ( for me at that time ) on some REAAAAAALLY speculative and honestly dumb plays. Most memorable was a company ticker - AASI Advanced Aerodynamics and Structures Inc.
Someone who knew someone told me some info on them ( it was 25plus years ago so i really dont recall what that was ) that was going to "set the aviation world on its head "

Welp. nope. I saw the financials. I saw the board meeting and investor call transcripts and IGNORED it ALL. Because i was BIASED - i WANTED that to hit. So i ignored ALL the red flags that were there ( and easily found on any investing site ) and kept pumping money into a failing organization. By 2004 it was over. Lost a decent chunk of $$$.

It was at that point that i made a commitment to invest the right way....it may take years to see the returns, but they will arrive. Stop trying to make a 10 yr return avg in 1-2 years on a speculative stock. ( plus as i got older i got wiser and more careful with my $$$ - earning more but understanding that i work REALLY hard to earn more and i got more averse to just speculating it away lol - kids/home etc )

Anyway, my point is many of the folks that are going to lose a lot of money on this DJT- are ignoring ALL the same red flags that i ignored. Either in hopes of hitting a nice lick, OR ( and imo the real reason ) because they are completely blinded by their BIAS for Donald Trump. And all the regulations you can think of will not stop simple investors from making bad choices on their picks.

If you didnt have the $5,000, 10,000 or 20,000 to lose, ( or whatever amount you initially invested ) dont enter the casino.

MT15 said:

We really have no functional regulation on the stock market do we? I mean this entire thing is a grift. There’s zero value to this stock, yet Trump could walk away with millions for it.

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I'm not sure how this be regulated beyond the structures generically in place. People for years said Amazon would never turn a profit and it was all a speculative mirage. There’s obviously some value to the stock even if it’s very speculative. But there's an underlying media product that is operational and has plans for development - as well as a fairly significant built-in audience if it get to a realization phase. If you take Trump and the politics of the product out of the equation for a second, I don't think there's anything about it that screams need for regulation (it is regulated, there are all sorts of applicable securities and investment regulations here).

Most of the investors are wealthy I believe, and while yes there are plenty of mom and pop consumer investors who are buying it solely to support Trump, they're the same ones sending money to his other grifts.

SystemShock said:

There's a lot of regulations on the stock market, but unless you are an investor or a broker, you wouldn't necessarily hear about or know of them.



The value of the stock is what people choose to pay for it, and people assign that value based on their expectations of return on their investment. Is Truth Social a grift? It may be the least "grifty" Trump enterprise, as it delivers what it offers, a platform for right wing nuts where they can be their right wing nut selves.

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Utah Philips had these words of wisdom for this kind of thing.

"I was walking around among the sheet grass and the bunch grass, and I looked down, and there was just a hell of a big moose turd. Biggest damn moose turd; that was a real steamer! I looked down at that meadow wafer, and I said to myself "Self, I'm gonna bake up a big moose turd pie." 'Cause if anybody complains about my cookin', they're gonna have to cook. So I tipped that pasture pastry up on edge. I got my shirt together, so to speak. And I started rolling it down towards the old cook car
BALUUMP! BALUUMP!"

"I got it down there and leaned it up against the side, and I climbed up in the cook car, and I baked up a hell of a big pie shell. And I baked that moose turd in as slick as you please. And I cribbed the edges with my thumbs, and laid strips of dough across it, & garnished it with a sprig of parsley, a little paprika. It was beautiful; poetry on a plate. And I served it up for dessert, waiting for the first hint of a complaint."

Some people get this kind of metaphor, but other folks don't and they are the hard ones to explain these things to.

One gets it if they have come to think "stock exchange" = "gambling casino"