Trump's Truth Social Is On Life Support As Investigations Stall Buyout

Donald Trump's Truth Social - and the rest of his non-existent "media empire" - are in dire straits at the moment as ongoing federal investigations continue to stall the finalization of the merger with Digital World Acquisition. Reports from late last year claimed that Truth Social only had enough money to make it a little past the first quarter of this year, which means that the company is running out of money quickly and they have until September to finalize the deal or it will be cancelled. Farron Cousins explains what's happening.

Don't forget to like, comment, and share! And subscribe to stay connected!

Connect with Farron on Twitter

*This transcript was auto-generated. Please excuse any typos.

Things are not going well at all. For truth social, according to a new report, Donald Trump's flagship piece of his Trump media and technology group struggling not just to get users, but they're, they're struggling to get that deal finalized with Digital World acquisition by the September deadline, meaning they've only got six months before that deal legally, under the binding documents signed by Digital World acquisition, uh, acquisition is dead. So if that deal is not done by September, and of course the board doesn't vote to extend it, the deal is dead at that point. The hundreds of millions of dollars that all of those investors had put into digital World has to be refunded. And as Forbes is reporting, because of that looming possibility, Trump's net worth has fallen from 3.5 billion to 2.7 billion. So Trump is effectively standing to lose conservative estimates about 800 million if the deal does not go through.

Now, that doesn't mean that Trump has to pay out $800 million, but those net worth figures that Forbes and other groups put out are based on potential business deals that are in the works, which includes Trump media and technology merging with digital world acquisition. So they had already added that to his net worth, and if it doesn't happen, they gotta pull that $800 million off of it because oops. Right, but here's the thing. Um, digital World and Trump media and technology are both currently under criminal investigation by the Securities and Exchange Commission because of the talks that the two groups had prior to the announcement of the merger, along with the talks that they had prior to getting all of the investors on board with Digital World, which based on the way the company is set up, finance is so weird and stupid. Um, but based on the way the company is set up, they were not allowed to have any contact with Trump median technology prior to getting everybody's money on board. They only could acquire a target once everybody had put their money into the big pot, if they acquired a target before they acquired the money. That's illegal. Um, it's difficult to explain. So that's kind of, it boiled down to its most basic pieces, but they also can't complete the deal while they're under criminal investigation, which is actually why they weren't able to complete it last September, which was the original deadline. And then they missed the deadline. And then after a little bit of delay voted, digital World did to give themselves

Another 12 months to finalize it. And that leads us to where we are now. It's now been six months since then. They've got six months to finish it. The s e C investigation probably not gonna be finished by that point, but don't worry, because Trump's people at, uh, Trump Median Technology Group have now reached out to Republicans in the House of Representatives asking them to investigate the s e C for, of course, launching the criminal investigation into them. And based on what we've seen from House Republicans, specifically Jim Jordan, I think it's likely that Republicans will take it upon themselves to investigate the s e C for investigating Trump's company and for holding it up and for possibly costing Donald Trump 800 million. Because at the end of the day, that's all Republicans care about is keeping Trump happy, making sure he gets his money, and by God they'll do whatever they have to make a mockery of the entire federal government if they have to in order to protect Donald Trump. They've been doing a pretty good job of that ever since they took back the house. And so far, instead of getting better things repeatedly and routinely only seem to get dumber with these Republicans bending over backwards to do whatever Trump wants them to do so that he can make a quick buck.