Posted on Sep 17, 2022
Is Truth Social another of Trump’s bungled businesses?
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It takes a brave investor to go into business with Donald Trump.
The former president’s hotels and casinos have declared bankruptcy six times. Trump’s short-lived airline crashed. He paid out millions of dollars to settle multiple lawsuits for running an unlicensed “university” that the conservative National Review called a “massive scam”. And then there is the Trump Organization’s looming criminal trial for tax fraud.
For all that, a business built around Trump’s famed ability to rile up millions of people online must have seemed a good bet to those who poured money into backing the company behind his rival to Twitter, Truth Social.
Now that too has run into trouble as more than a billion dollars in investment has stalled amid shareholder hesitation and a federal investigation into whether Trump Media and Technology Group broke the law in its dealings with a company set up to provide the money.
The former president’s hotels and casinos have declared bankruptcy six times. Trump’s short-lived airline crashed. He paid out millions of dollars to settle multiple lawsuits for running an unlicensed “university” that the conservative National Review called a “massive scam”. And then there is the Trump Organization’s looming criminal trial for tax fraud.
For all that, a business built around Trump’s famed ability to rile up millions of people online must have seemed a good bet to those who poured money into backing the company behind his rival to Twitter, Truth Social.
Now that too has run into trouble as more than a billion dollars in investment has stalled amid shareholder hesitation and a federal investigation into whether Trump Media and Technology Group broke the law in its dealings with a company set up to provide the money.
Is Truth Social another of Trump’s bungled businesses?
Posted from theguardian.com
Social Media
Donald Trump
Business
Bankruptcy
Posted >1 y ago
Responses: 4
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His charity, university are failures and he filed for bankruptcy 6 times. He is also facing multiple indictments of serious crimes. All these facts counter the MEGA MAGA Illusion!
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PO1 William "Chip" Nagel
..."Jennifer Stromer-Galley, a professor in the school of information studies at Syracuse University and author of Presidential Campaigning in the Internet Age, said that Truth Social is an effective tool for Trump to stay in touch with his base, which is to some extent amplified by journalists writing about his statements. But she questioned whether it could ever get beyond being a political campaigning tool to function as a business.
“One of the tremendous assets for Trump has always been his name. Because of his brand he gets an instant base of people that Truth Social can start to expand from. But then it has to expand past that, because that’s probably not enough to keep this enterprise going. I don’t see how Truth Social expands beyond that very, relatively narrow, hardcore base that is Trump’s bread and butter constituency,” said Stromer-Galley.
“If I were an investor of communications, media, and technology companies, I would be sceptical of what is the actual business that Truth Social is in. When the head of the company can’t put together a coherent business case or legal arguments for what they’re doing, is this really someplace you want to put your money?”
..."Jennifer Stromer-Galley, a professor in the school of information studies at Syracuse University and author of Presidential Campaigning in the Internet Age, said that Truth Social is an effective tool for Trump to stay in touch with his base, which is to some extent amplified by journalists writing about his statements. But she questioned whether it could ever get beyond being a political campaigning tool to function as a business.
“One of the tremendous assets for Trump has always been his name. Because of his brand he gets an instant base of people that Truth Social can start to expand from. But then it has to expand past that, because that’s probably not enough to keep this enterprise going. I don’t see how Truth Social expands beyond that very, relatively narrow, hardcore base that is Trump’s bread and butter constituency,” said Stromer-Galley.
“If I were an investor of communications, media, and technology companies, I would be sceptical of what is the actual business that Truth Social is in. When the head of the company can’t put together a coherent business case or legal arguments for what they’re doing, is this really someplace you want to put your money?”
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