Trump’s Truth Social is Headed for Bankruptcy?

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Social media is great, right? We can now connect and speak with people from all over the world on a daily basis right from the comfort of our homes and in ways, some may have never thought possible. Who would have ever thought we could share photos and videos with those across the country? Or that businesses could be promoted and built off of those platforms?

Thanks to social media, friends and family members can now be more connected than ever, sharing about everything through one platform or another.

Of course, there are some issues.

For starters, since any given social media platform is a company that is owned and operated by certain individuals, the rules and regulations of that platform may not be what other people agree with. As you likely have experienced or at least heard, there have been some rather major controversies as of late surrounding what we, as social media users, are allowed and not allowed to post or talk about on such platforms.

Violence, of course, is and should not be allowed or encouraged. But is posting a video of someone either holding a firearm or shooting one violent?

I would say no, as it is our Second Amendment right to carry and fire weapons, albeit in a safe environment.

But some would say that it is.

And when it comes to social media, it seems that the powers that be tend to side with one political view more often than not, leaving the impression that they are censoring or even using bias against those that may not agree with their thought processes.

It has even gone so far that former President Donald Trump has created his very own and new social media platform, Truth Social, to combat the more “biased” outlets already in existence, such as Twitter and Facebook.

But it seems that Trump’s solution to the problem has a few issues of its own, namely that it can’t pay its bill and is headed towards bankruptcy.

According to reports by the Washington Post, the web-hosting fees for the site have not been paid for quite some time now. In fact, there are now attorneys involved in the process. According to Fox Business, which was the first to report on the issue, Truth Social owes conservative web-hosting service, RightForge, over $1 million since it stopped making payments back in March.

Naturally, this sends questions about the company’s financial well-being.

Additionally, it has seen stock prices plummet since March, when it peaked. It is now down some 75 percent. And according to SEC filings, it lost $6.5 million in the first half of this year alone.

Most of this is due to a lack of traffic on the site. As Drew Harwell of the Washington Post wrote, “Trump, the site’s most popular user, has fewer than 4 million followers, and the site’s most active trending topics, including #DefundTheFBI, have shown only a few thousand people posting to them in recent days, data from the site shows.”

In comparison, Harwell notes that Twitter has had about 37 million people in the US alone using its platform a day.

It is important to point out that the lack of traffic on Trump’s site has only worsened with his ongoing legal issues.

Take the recent Mar-a-Lago raid by the FBI, for example. While traffic was never spectacular on the platform, it has dropped to a measly 300,000 views a day in the US since the raid. That number was closer to 1.5 million on the day of its launch.

Unsurprisingly, this has caused Digital World Acquisition, the company planning to take the site public, to be more than a bit nervous. In fact, it just issued a warning about the social media platform, saying that if Trump “becomes less popular or there are further controversies that damage his credibility,” it could be their company and others involved who suffer.

While Trump’s idea for a bias-proof social media platform was and still is a good idea, he seems to have a few bigger issues to work out first.