Donald Trump's new social media site, Truth Social, is already in serious trouble as some bigtime investors are pulling out of the project. As we discussed earlier in the week, some investors were not told that Trump would be involved in the project, and now that they know, they have decided to pull their investments. This is a bad start for Trump's venture, and it only gets worse from here. Farron Cousins explains what's happening.
Link - https://www.rawstory.com/donald-trump-truth-social-media/
Don't forget to like, comment, and share! And subscribe to stay connected!
Connect with Farron on Twitter: https://twitter.com/farronbalanced
*This transcript was auto-generated. Please excuse any typos.
Donald Trump's new social media website, truth. Social got off to a really horrible start this week. Uh, not only did they have to basically shut down the entire website and cancel all of the registrations that had happened because they forgot to register their own names like at Donald Trump, at Donald J. Trump at Mike Pence. And they had people spamming those, uh, accounts. So they had to clear all that out, shut down the website and everything for a few hours and try to figure things out. But behind the scenes, things are even more dysfunctional. As we reported a couple of days ago, some of the investors who came along to put money into this new project, we're not told that Donald Trump was going to be involved. Now more information has come out about that, and it's not, as I had, you know, suggested, could have happened. It wasn't actually that any of these investors were defrauded.
So just for clarification on that, I had speculated about that the other day. That's not an issue here, but investors are pulling out of the project and here is how it actually works. There's a company called digital world. Digital world is an acquisition company, a tech acquisition company. And it was started by a group of investors, you know, hedge funds, capital partners, things like that. And what they did was they put all of their money. They pulled all their money into digital world, digital world. As an acquisition group, then goes out and invest the pool of money as one single entity as digital world. And then of course the dividends get paid out to all of the original investors. So digital world goes out there after taking everybody's money and invests in Donald Trump's truth. Social as again, as an acquisition company, when the initial investors, some of them found out that they were investing in a Donald Trump project, they were irate.
They said, I didn't know it was going to be used for this, but again, we're not talking about any kind of fraud issues here because it is a different setup. They weren't misled. They had already put their money into the pot, knowing they didn't know where it was going. And then when the decision was made to go to Donald Trump, they got off. One of them actually said it made them sick to their stomach. And now investors, capital companies are pulling out of the project. One of the biggest ones is saber capital save a capital has said that they want no part of this. They referred to it as a fake news website, put together by Donald Trump and they've pulled their money out. And that's a big deal. See Donald Trump has told these individuals, you're going to make a ton of money off truth. Social.
We're going to challenge the big tech giants. We're going to be as big as them, if not bigger. And you're all going to make tons of money. But when they found out that it was Donald Trump and they see these claims that she, oh, hell no, I'm not doing this. You outside of buying and selling properties, don't make money on your projects. And we're out. We don't want to be associated with you. We don't want to be associated with your project, your toxicity, none of it, your lies were out. So that $300 million initial investment is getting smaller. And given the fact that this website has already had so many problems just in the first couple of days since its soft launch, I imagine investors are already getting a little bit worried, especially when they see the other ones pull out. A lot of people are going to lose a lot of money on this. That's why Sable pulled out. It's not because they, oh, we don't want to be with Donald Trump. I know that's what they said. That's not why they know that Trump sucks as a businessman, again, with the exception of buying and selling properties. He doesn't know anything about social media. He doesn't know how to run it all. He knows how to do his tweet, not exactly a sustainable business model.
I suspect we may see more investors pull out in the very near future, especially if the website continues to have the problems that they've had in just the last four days.
0 Comments