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☆ Donald Trump's Truth Social loses tens of millions of dollars this year
▼ + stars: | 2023-11-15 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Donald Trump launched Truth Social after he was banned from X/Twitter following the January 6 riots. AdvertisementDonald Trump's social media platform, Truth Social, has lost tens of millions of dollars this year, according to SEC filings released Monday. AdvertisementDigital World has now asked investors to extend the deadline for the Truth Social deal. Although the former president's X account has since been reinstated, he's upheld an exclusivity deal to post first on Truth Social. AdvertisementHowever, Truth Social has struggled to attract the same level of interest compared with social media platforms.

Persons: Donald Trump, —, Donald, Trump, Devin Nunes, he's Organizations: Service, SEC, World, Corp, Truth Social, Trump Media, Technology, Department of Justice, Truth, CNBC, Twitter, Big Tech, Social, Trump, Forbes

☆ Trump's Truth Social has lost $73 million since its launch, faces potential shutdown
▼ + stars: | 2023-11-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

In its first fiscal year ending Dec. 2022, TMTG, Truth Social's parent company, lost over $50 million on $1.4 million in sales. Given that origin story, Truth Social has branded itself as a safe haven from "Big Tech censorship," a vision that must be realized for Truth Social to maintain any sort of competitive advantage, according to the filing. Trump returned to X, the platform formerly known as Twitter, in August, though he has said Truth Social is still his primary social media platform. Trump's presence on Truth Social started as a boon for the company but has now become a crutch. But even the former president's loyalty to Truth Social may not be enough to keep the platform afloat on its own.

Persons: Donald Trump, Joe Biden's, DWAC, Devin Nunes, Nunes, Trump, Elon Musk Organizations: Acquisition Corporation, Trump Media, Technology Group, Trump, Republican, DWAC, Securities and Exchange Commission, Truth, Twitter, Facebook, U.S . Capitol, Big Tech, Tesla

☆ Trump's social media company has lost over $31 million since its launch, faces potential shutdown
▼ + stars: | 2023-11-14 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

Truth Social is the alternative social media platform backed by former President Donald Trump, who posts on it several times a day. If the merger does not happen, the DWAC filing warned, TMTG might be unable to "fully develop" Truth Social. Trump returned to X in August, though he has said Truth Social is still his primary social media platform. Trump's presence on Truth Social started as a boon for the company but has now become a crutch. But even the former president's loyalty to Truth Social may not be enough to keep the platform afloat on its own.

Persons: TMTG, Donald Trump, DWAC, Devin Nunes, Nunes, Trump, Elon Musk Organizations: Trump Media, Technology Group, Truth, SEC, Securities and Exchange, Trump, Republican, DWAC, Twitter, Facebook, U.S . Capitol, Big Tech, Tesla

☆ Trump is furious at Forbes after the publication dropped him from its 400 wealthiest Americans list
▼ + stars: | 2023-10-09 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Trump is angry that Forbes kicked him off of its list of wealthiest Americans. Forbes says Trump just isn't worth enough money, especially because his social media play fizzled. AdvertisementAdvertisementDonald Trump on Monday lashed out at Forbes after the financial publication recently dropped the former president from its list of the 400 wealthiest Americans that includes the likes of Elon Musk, Jeff Bezos, and Warren Buffett. One of the main reasons was that Truth Social, the very social media platform where Trump lashed out at Forbes, has lost significant value. A spokesperson for Forbes pointed Insider to the publication's own story, which included a statement that defended Forbes' view of Trump's net worth.

Persons: Trump, Forbes, —, Donald Trump, Elon Musk, Jeff Bezos, Warren Buffett, Stormy Daniels, Rosie O'Donnell, Crooked Joe, " Forbes, Dan Alexander, Letitia James, Austin Russell Organizations: Forbes, Service, Monday, Trump, Republicans, New York, New, Kong, Media Investments, Whale Media Investments, China Investment Corp, China Morning Post, New York Times, Washington, Communist Party, Trump Organization Locations: China, Hong

☆ Fledgling social media sites are competing to be the next Twitter as users abandon the legacy platform. These are the frontrunners.
▼ + stars: | 2023-03-01 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +2 min

Gabor Cselle, co-founder & CEO is a former Group Product Manager at Twitter. Funding: T2 has raised $1.1 million from angel investors, Cselle told Insider. "I was like, 'maybe now's the time,'" Cselle told Insider, who reached out and partnered with Oh on their new build. "Usually the safety has come after something bad happens," Oh told Insider. The T2 website name will change so as not to evoke Terminator associations, Cselle told Insider.

☆ Trump's return to Instagram and Facebook could doom Truth Social
▼ + stars: | 2023-01-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Truth Social only just became available on Androids in October. Trump's return to social media spells doom for Truth Social. After the Capitol insurrection, former president Donald Trump was banned from a slew of social media platforms. Trump is contractually required to post on Truth Social before making the same post on another site for six hours. My colleague Beatrice Nolan breaks down the future of Truth Social and what it means for Trump's supporters.

☆ Now that Trump can return to Facebook, Truth Social could be all but doomed
▼ + stars: | 2023-01-26 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

If Trump is no longer exclusively on Truth Social, it could reduce the platform's appeal for many. Shunned from mainstream platforms, Trump founded and launched Truth Social in February 2022. Matt Navarra, a social-media consultant, said it was "inevitable" that Trump's return to Facebook or Instagram would negatively affect Truth Social. Trump evangelists may lose faith"For most people, Donald Trump is the face of Truth Social," Navarra said. Navarra added that Truth Social would likely still be of value to many users, however, because of its lighter approach to content moderation.

☆ Trump wants to ditch his deal to post first on Truth Social and return to Twitter, report says
▼ + stars: | 2023-01-23 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Trump wants to end an exclusivity deal with Truth Social and get back on Twitter, Rolling Stone reported. Truth Social CEO Devin Nunes denied an earlier report that Trump wants to make the switch. While Trump has just shy of 5 million followers on Truth Social, he has almost 88 million followers on Twitter. Nonetheless, according to Rolling Stone, a person close to the president said there is "no way" Nunes' statement is true. Among the ideas being floated is for a WWE-style campaign video post, or one comparing himself to Superman, according to Rolling Stone.

☆ Some Truth Social fans don't want Trump back on Twitter. It's just one of several reasons why he might not return.
▼ + stars: | 2022-12-31 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +4 min

Per reports, Trump has chosen to prioritize Truth Social, which he founded and launched in February. Twitter is a Truth Social competitorTwitter is a direct competitor to Truth Social, which has a similar structure to Elon Musk's platform. Many Truth Social users want him to stay putData shows that many Truth Social users are keen for Trump to steer clear of other social networks. Last month, a poll posted on Truth Social asked: "Now that Trump is unbanned, should he get back on Twitter?" 'Star of the show'Naturally, a large percentage of Truth Social users are Trump aficionados who want to hear directly from the former president.

☆ Thousands of users mistakenly signed up to a management firm called Hive instead of buzzy Twitter alternative, Hive Social
▼ + stars: | 2022-11-24 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Many of those signing up had mistaken the management platform for social-media site, Hive Social. Many of the people who registered had mistaken the site for Hive Social, which is quickly becoming a favored alternative to Twitter. Hive Social is a mobile-only platform that is similar to Twitter but doesn't use any of the algorithms that control what users see. "The majority of these posts are words of gratitude for a Twitter alternative," Wilson said. Hive Social has exploded in popularity as some social-media users look for an alternative to Twitter.

☆ Hive Social's 24-year old founder said it was 'unsurprising' that Elon Musk acknowledged the existence of her small but growing social media app vying to lure Twitter users
▼ + stars: | 2022-11-22 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +2 min

Hive is the latest social media app to climb to the top of the App Store as Twitter users look for alternatives. Hive's 24-year-old founder told Insider she wasn't surprised Musk acknowledged the app, given its surge in popularity. Mastodon and Tumblr have seen a recent explosion of growth, but Hive Social is the latest buzzy social media app to climb the ranks of Apple's App Store, and even Elon Musk took notice. In a conversation with Insider, Hive Social's 24-year-old founder, Raluca Pop, said it was "unsurprising" that Musk noticed the platform. "There's not really the toxicity on there," Pop said of Hive Social.

☆ Hive Social has grown to 2 million users and shot to the top of the App Store since people started fleeing Twitter. It's run by a 24-year-old founder and 2 other employees.
▼ + stars: | 2022-11-22 | by ( Samantha Delouya | ) www.businessinsider.com time to read: +3 min

Some users searching for alternatives to Twitter have flocked to Hive Social. Elon Musk's frenzied management style and outlook on content moderation have some Twitter users hunting for alternatives to the social media giant. It's currently the top social app on Apple's App Store, surpassing even TikTok. She is a self-taught coder and had run the social media app with only one other employee until Friday, when a third developer joined the team. On Thursday, many new Hive Social users reported on Twitter that they were having trouble setting up their accounts.

Hive Social is a mobile-only social media app that's become a popular Twitter alternative. Like Twitter, Hive Social lets you post messages, videos, polls, and more to a chronological feed of followers. Hive Social is a mobile-only platform that's trying to recreate Twitter without any of the algorithms. The biggest difference between the two is that Hive Social claims to have no algorithms deciding which posts you see. Hive Social; William Antonelli/InsiderYou've now got free reign to use Hive Social however you like.

☆ Trump Media documents suggest Parler, Rumble as possible merger partners
▼ + stars: | 2022-11-02 | by ( Jack Stebbins | ) www.cnbc.com time to read: +3 min

The Rumble video platform logo on a laptop computer arranged in Hastings on Hudson, New York, on Saturday, Jan. 23, 2021. Trump Media and Technology Group executives named Parler and Rumble as theoretical acquisitions or partners, according to documents provided by co-founder and whistleblower, William Wilkerson, through his counsel. Wilkerson was one of the early executives at Trump Media and its Twitter-esque social media platform Truth Social. DWAC and Trump Media are also the subject of a criminal probe into possible securities violations relating to conversations that occurred between the two parties prior to the merger announcement. While the photo names these possible acquisition targets, it also names a number of other ventures for Trump Media that have yet to come to fruition, including "Trump Faith/Classic Films," "Trump Book Publishing" and "Trump Documentaries."

☆ Rep. Marjorie Taylor Greene suffers large financial loss one year after buying stock in a company that's trying to merge with Trump's 'Truth Social' platform
▼ + stars: | 2022-10-24 | by ( Madison Hall | ) www.businessinsider.com time to read: +5 min

One year ago, Rep. Marjorie Taylor Greene invested between $15,001 and $50,000 in a SPAC that wants to merge with Trump's "Truth Social" platform. It's been a tumultuous year for Truth Social and Digital World Acquisition Corp. since Greene and Bucshon invested. Trump — still banned from Twitter — uses Truth Social to post statements and screeds, and Google this month added the Truth Social app to its Google Play Store. But Truth Social usage is underwhelming, even after an uptick in downloads following the FBI's raid in August on Trump's Mar-a-Lago residence. An Insider analysis previously found Perry Greene invested hundreds of thousands into corporations that openly champion social causes Marjorie Taylor Greene opposes.

☆ Truth Social's CEO said he and Donald Trump 'like the fact' that Kanye West is buying Parler because free speech is 'absolutely necessary'
▼ + stars: | 2022-10-22 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Truth Social CEO Devin Nunes said Trump and him "like the fact" Kanye West is buying Parler. Nunes told Fox Business only Truth Social and Rumble act as a fail-safe for American free speech. "We like the fact that Kanye West is buying Parler," Devin Nunes said. Nunes seemingly implied that only Truth Social and Rumble have protected American free speech this year. Truth Social did not immediately respond to Insider's request for comment.

☆ Donald Trump Jr. and Eric Trump wanted large stakes in their father's media company even though they were barely involved, co-founder says: 'They were coming in and asking for a handout'
▼ + stars: | 2022-10-16 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Will Wilkerson, co-founder of Trump's media company, filed an SEC whistleblower complaint in August. Wilkerson told the Post Trump's adult sons wanted stakes, describing it as "asking for a handout." Will Wilkerson made the allegations about Donald Trump Jr. and Eric Trump in a story published by The Washington Post on Saturday. "They were coming in and asking for a handout," Wilkerson said of Donald Jr. and Eric, according to the Post. "Ignoring these achievements, the Washington Post published a story rife with knowingly false and defamatory statements and other concocted psychodramas," the statement said.

☆ A co-founder of the firm behind Truth Social says Trump retaliated against another exec who refused to gift some of his shares to Melania
▼ + stars: | 2022-10-16 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

An email obtained by the Post showed another co-founder believed Trump was retaliating against him. Trump had been given a 90% stake in the company when it was founded, according to the SEC complaint. Wilkerson said the former president asked Litinsky to give some of his shares to Melania Trump. According to a March email obtained by the Post, Litinsky also believed he had been retaliated against. "President Trump over the past 2 months has repeatedly demanded that I give my TMTG equity to Melania Trump," Litinsky wrote, according to a screenshot of the email published by the Post.

☆ The company trying to buy Trump's Truth Social has changed its HQ address from a WeWork to a mailbox at a UPS Store
▼ + stars: | 2022-09-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

The company trying to buy Trump's Truth Social has changed its HQ address to a UPS mailbox. Digital World Acquisition previously had its HQ address listed as a WeWork building in Miami. The blank-check company's proposed deal with Truth Social has been plagued by setbacks. A buyout deal between Digital World and Truth Social was first announced in October 2021, and was originally set to close in September 2022. Digital World did not immediately respond to Insider's request for comment, made outside of regular working hours.

☆ Digital World Acquisition extends 6-day decline to 30% after Trump's Truth Social threatens a lawsuit against the SEC over delayed SPAC deal
▼ + stars: | 2022-09-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Digital World Acquisition fell 7% on Wednesday, extending its six-day decline to more than 30%. The SPAC's merger target Truth Social threatened to sue the SEC, alleging political bias delayed its proposed merger with Digital World. But Digital World has been unable to attract the 65% of shareholders needed to approve the business combination. Since Digital World first announced its deal with Truth Social last year, the SPAC has plunged 90% from its record high of $175 per share. But Truth Social believes the SEC is to blame for the delayed deal with the SPAC, according to a Wednesday regulatory filing.

☆ Trump's Truth Social barred from Google Play store over content moderation concerns
▼ + stars: | 2022-08-30 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

Truth Social, the would-be Twitter competitor created by Trump Media and Technology Group, remains unavailable on the Google Play store. Truth Social acknowledged Google's concerns and said it would work on addressing these issues, according to Axios. Well, look, that's up to the Google Play store. "It is our belief that all Americans should have access to Truth Social no matter what devices they use. We look forward to Google approving Truth Social at their earliest convenience."

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