Trump's Truth Social May Be Dead As Company Starts Giving Investors Their Money Back

Donald Trump's Truth Social might be on its last leg, as last week the SPAC set up to eventually buy it out - Digital World Acquisition - started sending hundreds of millions of dollars back to the original investors. This is not a good sign for the future of the platform, as it shows that the merger is likely not going to happen, even though Digital World voted last month to give themselves another year to make it happen. Ring of Fire's Farron Cousins explains what's happening.

Check out our merch by visiting our store

Subscribe to our podcast

Become a member today!

Support us by becoming a monthly patron on Patreon, and help keep progressive media alive!

Spread the word! LIKE and SHARE this video or leave a comment to help direct attention to the stories that matter. And SUBSCRIBE to stay connected with Ring of Fire's video content!

Support Ring of Fire by subscribing to our YouTube channel

Be sociable! Follow us on:

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

Donald Trump's truth. Social has basically been, uh, suffering from one of the slowest deaths we have ever seen, really, of any company in modern times. Perhaps Blockbuster video maybe died a slower death. But anyway, truth social is dying. And late last week, Reuters reported that truth Social has decided to refund $533 million that investors had pumped into Digital World Acquisition, which is the special, special purpose acquisition company spac that was created to merge with Trump media and technology, which owns Truth Social. And they got about a billion dollars worth of investments to make that deal happen. Now, they have started refunding that money to the people who put it in 533 million, more than half of the money raised for the merger. They've just said, you know what? Screw it. Here's your money. Take it back. We're done. Now, the deal's not officially dead yet. Uh, digital World did vote last month to give themselves another year to close the deal and finalize the merger.

Um, but that was after they had already had to give themselves another year to close the deal and finalize the merger. Uh, so I have no faith that digital world is actually going to complete this, and the return of the investments into the company make it incredibly unlikely that any merger could go forward because there's gonna be no money, right? Like Digital World has to have the money to buy Trump media and technology. I know we're calling it a merger, but what that means is that digital world is going to purchase it. And, and when, when you've given all the money you had away, there's no money left to buy the thing. So I don't know how they're gonna do it, but I do know that Devin Nunes, of course, the c e o of True Social, he's out there actually spinning this as a positive thing.

Like it's great that we don't have any money. Here's what he said, I'm sorry, sorry for the swearing today, folks. It's just, it's so funny that it's almost infuriating. Um, he said it's an important step in the best interest of shareholders that wanted to complete the merger as soon as possible, despite how others may seek to characterize the P I P E commitment cancellations. We want our shareholders to understand that these cancellations are a positive development in our ability to consummate the business combination. Boy, that's a lot of big words to say. We're giving everybody their money back and there's not gonna be any money to

Buy the company. But that's Devin Nunes for you, right? The idiot failure of a congressman who failed repeatedly to sue a fake cow account on Twitter has now driven truth social into the ground. Truth. Social, by the way, has only about 2 million active monthly users. It still has no incoming revenue stream. So the thing is just hemorrhaging money. But Devin Nunes says, Hey, it's awesome that we're giving all the investors their money back. 'cause you know, it's gonna make it easier moving forward. Yeah, it's gonna make it easier moving forward because then you're gonna have no money. The deal is dead and truth social goes away for good. I'd say that's a lot easier than dragging this out for another year, pretending something's gonna happen, getting people to invest money into digital world, only for them to be sorely disappointed.