Truth Social is strapped for cash and struggling to find new users
Truth Social is strapped for cash and facing a mountain of tech and legal troubles that could doom the future of former president Donald Trump’s personal social media platform.
The most immediate problem is the platform’s stalled SPAC, initially planned as a way to publicly trade shares in the new company without the diligence of an IPO. But the SPAC has been delayed, leaving the Digital World Acquisition Corp., which was projected to take ownership of Truth Social, in an awkward position. SEC filings show that the company has lost over $6 million in the first half of this year, hasn’t generated any revenue, and holds only $293 million in a trust that houses most of its assets.
DWAC’s stock price has shed nearly 75 percent of its value...