Former President Donald Trump is defending his social media app Truth Social amid reports that the app is experiencing some financial trouble.
Truth Social owes RightForge, an internet infrastructure company for conservative causes, roughly $1.6 million in backdated payments, sources familiar with the matter told Axios. But the criticism stems from “Fake News Media” being “devastated” by how well his social media app is doing and “working overtime” to bring it down, the former president wrote on Saturday.
“Actually, many of the big guns in Washington, D.C., are fighting to stop the TRUTH but, they won’t be successful,” Trump wrote. “They are going after the outside financial company, and virtually anybody that walks and breaths, but that won’t do it. They said it is doing worse since the Raid, but actually it is doing MUCH better, up more than 550%. We all love TRUTH!!!”
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Truth Social was launched on mobile devices in February, over a year after Trump was banned from other social media sites, such as Facebook and Twitter, over his words and actions surrounding the Jan. 6 Capitol riot. A web version of the social media app was launched in May.
Digital World Acquisition, Truth Social’s parent company, lost $6.2 million from January to June after its stock plunged. In March, Digital World Acquisition’s stock price reached a high of $97.54 a share, but that number has since declined to $27.52 per share as of Friday, a 72% loss.
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On Monday, Digital World Acquisition said in a filing that it believes a shift in Trump’s approval ratings could hurt the company’s profitability. However, Truth Social experienced a roughly 550% spike in app downloads in the week following the FBI’s raid on Trump’s Mar-a-Lago residence, according to Data AI.
