Trump's Truth Social Could Be Headed For Bankruptcy Very Soon

Donald Trump's Truth Social is in a lot of trouble, both economically and possibly even legally. With average daily views continuing to fall, and an SEC investigation that could derail the buyout deal, the site is already gasping for air. And now with reports surfacing that contractors aren't getting paid, rumors are beginning to circulate that the platform might soon have to file for bankruptcy. Ring of Fire's Farron Cousins explains what's happening.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Donald Trump's truth. Social is in some really serious trouble as they are struggling to pay off their contractors, including by the way, the company in charge of the web hosting for truth social, they say they haven't been paid since March. They're now owed 1.6 million. They've gotten lawyers involved now because truth social is not paying their bills. And on top of that, you have digital world acquisition, the special acquisition company that is supposed to be merging with slash purchasing truth. Social, that deal was supposed to be finished by September 6th, but they have now asked, uh, the S E C for an additional 12 months, because they're not sure they want to go through with it anymore. One because they're under criminal investigation over this deal, because it's possible that they were colluding with the folks at truth social prior to getting the money for the buyout, which would be illegal on the part of both individuals, their truth, social and digital world.

But most importantly, they say, look, we wanna kind of take a step back from this because Donald Trump is becoming so toxically unpopular that we're worried. We can never turn a profit with this thing. If we purchase it, it's going to die. Well, even if we don't purchase it, it's going to die. And we don't wanna be the ones left holding the bag. We would rather Donald Trump and friends lose all their money than have us lose ours. So here's the thing. Folks, once that deal goes through with digital world acquisition, Trump gets his money like immediately. He gets his check. So then no matter what happens to truth, social Trump got paid and made a huge profit off of it. So it doesn't matter if it dies after the merger goes through Trump wins. If they stall the merger and have truth social die before that Trump loses.

And that's what digital world is out there trying to wait and see. And I gotta tell you these new reports saying you can't even afford to pay your bills. If digital world is successful in getting this thing pushed back 12 months, you likely will not exist. Engagement on truth. Social has dropped down to just a couple hundred thousand users per week, like couple hundred thousand views of truth social per week. If you go and look at some of the, uh, so-called truths that Donald Trump puts out on that website on a daily basis, they're getting a couple thousand likes, like two or 3000 likes on his posts. Whereas when he was on Twitter, he would get tens of thousands. Sometimes even hundreds of thousands. Most of the time, hundreds of thousands of likes on everything he put, he could send out a tweet

Saying I just farted and he'd have 500,000 likes from his supporters. He does that on truth. Social he'll get a couple dozen likes because there's nobody there. And traffic continues to get worse each and every week. And that's what digital world acquisition is looking at. But they're also looking at the fact that the guy could end up in prison because right now the only draw of truth, social is that Trump is on there. So even with him there, it is doing horribly, but if you remove him from it, it's going to die immediately. And they don't wanna pay $500 million for something that could die. If Trump goes to jail, but buyer beware, right?