Trump’s future listed vehicle unscrews on Wall Street

Donald Trump has around 836,000 followers on his account on Truth Social. (Photo: 123RF)

The listed vehicle which is to merge with Donald Trump’s media company was in sharp decline on Wall Street on Monday, after the announcement by Reuters of the departure of two of the main leaders of Truth Social, the social network of the former American president who is struggling to find his place.

Around 10:40 a.m., Digital World Acquisition Corp, which is to join Trump Media & Technology Group (TMTG), Donald Trump’s media group, fell 12.99% to 55.03 US dollars.

According to the agency, CTO Josh Adams and head of product development Billy Boozer have tendered their resignations, just over a month after Truth Social launched on Feb. 21.

Asked by AFP, TMTG did not respond.

It is a blow for the platform of the former American head of state, whose beginnings were marked by technical shortcomings, which prevented thousands of Internet users from accessing the application.

According to the Statista site, after registering more than 100,000 daily downloads in the first four days after its launch, Truth Social quickly fell, in early March, below 20,000.

According to data analytics firm Sensor Tower, the app has been downloaded about 1.2 million times in total.

Donald Trump has about 836,000 followers on his Truth Social account, compared to more than 88 million on Twitter in January 2021, before the blue bird platform suspended him permanently.

At the time of the announcement of the creation of Truth Social, last October, the real estate developer had presented it as an alternative to the “censorship” of the tech giants, in particular Twitter and Facebook which removed it from their platforms .

In addition to the technical problems that delayed its deployment, Truth Social also came up against competition from other social networks positioned in the same niche popular with ultraconservatives, that of freedom of expression without moderation and openness to speeches. uninhibited.

Launched in July 2021 by former adviser to Donald Trump, Jason Miller, Gettr has been downloaded more than five million times via the Google Play store. Gettr had joined Gab and Parler, two other social networks launched in 2016 and 2018 respectively.

TMTG teamed up with an already listed vehicle, Digital World Acquisition Corp, to raise $293 million in September on Wall Street. The two groups then announced, at the beginning of December, that they had obtained another commitment of up to one billion dollars.

In total, by removing the transaction costs, TMTG claims to have approximately 1.25 billion dollars. However, the merger has still not been finalized.

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