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Truth Social
Truth Social is an American alt-tech social media platform owned by Trump Media & Technology Group (TMTG), an American media and technology company majority-owned by U.S. president Donald Trump. It has been called a "Twitter clone" that competes with Parler, Gab, and Mastodon in trying to provide an alternative to Twitter and Facebook. Truth Social uses Mastodon as its backend.
The service was launched on February 21, 2022. Since mid-2022, Truth Social has been facing financial and regulatory issues. The application was initially not available on Google Play because of violations of Google policies prohibiting content with physical threats and incitement to violence, but was approved for Google Play in October 2022 after agreeing to enforce policies against incitement.
As of March 15, 2024[update], it was ranked number 38 in Apple's App Store rankings for social media apps, and Similarweb ranked its website as number 203 in their "News & Media Publishers" category, behind Gab at number 154, but ahead of Parler at number 1,052. Trump estimated in an April 2023 personal financial disclosure that the site's value ranged from $5 million to $25 million.
Digital World Acquisition Corporation (DWAC), the special-purpose acquisition company formed to fund Truth Social's parent company TMTG and take it public, disclosed in October 2023 that it was refunding to investors the $1 billion it had raised for TMTG. A November 2023 financial disclosure by DWAC indicated that Truth Social had made a cumulative loss of at least $31.5 million since its inception. In March 2024, DWAC shareholders voted to merge with TMTG, with the merged company trading on NASDAQ under the stock ticker DJT.
In May 2024, TMTG's regulatory filing for the first quarter of 2024 reported $327.6 million in losses, largely resulting from taking the company public, and $770,000 in revenue.
U.S. President Donald Trump raised the prospect of building a new social media platform after he was banned from Facebook and Twitter in 2021, following the 2021 United States Capitol attack. In May 2021, Trump launched "From the Desk of Donald J. Trump", a web page where he posted short tweet-like announcements; it was shut down after less than a month, with Trump's senior aide Jason Miller confirming it would not be coming back.
According to Reuters, two members of the cast of Trump's TV show The Apprentice, Wes Moss and Andy Litinsky, were "central" to the founding of Truth Social's parent company, the Trump Media & Technology Group (TMTG), having allegedly pitched the idea of a social network to Trump in January 2021.
To facilitate becoming a publicly traded company, a special-purpose acquisition company (SPAC) called Digital World Acquisition Corp (DWAC) was created with the help of ARC Capital, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that has been a target of SEC investigations for misrepresenting shell corporations. ARC also provided at least $2 million to get DWAC off the ground through a Singapore-based fund. Led by China-based banker Abraham Cinta, ARC Capital's global links included offices in Shanghai, Wuhan, Mexico City, and Jakarta, which Bloomberg News described as "surprising", due to Trump's comments on various foreign countries in office. Some investors were surprised to learn their investment money was being used to finance a Trump company. The DWAC chief executive Patrick Orlando, a Florida-based financier and former Deutsche Bank trader, was also the chief executive of the Wuhan-based Yunhong Holdings/Yunhong International, registered in the offshore tax haven of the Cayman Islands. In an October 2021 SEC filing, the special-purpose acquisition company Yunhong International stated its goal was to "capitalize on growing opportunities created by consumer/lifestyle businesses that have their primary operations in Asia." Reuters quoted a deleted presentation from 2020, in which ARC Capital said it "was able to craft a Wuhan-based SPAC sponsored by a family office, structured by ARC in Singapore, to allow our client to enjoy the flexibility and benefits of the U.S. financial markets." Yunhong was liquidated in December 2021, while its backers remained involved with the DWAC and Truth Social venture. An additional backer of the Trump social media venture, becoming the CFO of Digital World Acquisition, was Brazilian parliamentarian Luiz Philippe of Orléans-Braganza, a monarchist allied with Jair Bolsonaro.
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Truth Social
Truth Social is an American alt-tech social media platform owned by Trump Media & Technology Group (TMTG), an American media and technology company majority-owned by U.S. president Donald Trump. It has been called a "Twitter clone" that competes with Parler, Gab, and Mastodon in trying to provide an alternative to Twitter and Facebook. Truth Social uses Mastodon as its backend.
The service was launched on February 21, 2022. Since mid-2022, Truth Social has been facing financial and regulatory issues. The application was initially not available on Google Play because of violations of Google policies prohibiting content with physical threats and incitement to violence, but was approved for Google Play in October 2022 after agreeing to enforce policies against incitement.
As of March 15, 2024[update], it was ranked number 38 in Apple's App Store rankings for social media apps, and Similarweb ranked its website as number 203 in their "News & Media Publishers" category, behind Gab at number 154, but ahead of Parler at number 1,052. Trump estimated in an April 2023 personal financial disclosure that the site's value ranged from $5 million to $25 million.
Digital World Acquisition Corporation (DWAC), the special-purpose acquisition company formed to fund Truth Social's parent company TMTG and take it public, disclosed in October 2023 that it was refunding to investors the $1 billion it had raised for TMTG. A November 2023 financial disclosure by DWAC indicated that Truth Social had made a cumulative loss of at least $31.5 million since its inception. In March 2024, DWAC shareholders voted to merge with TMTG, with the merged company trading on NASDAQ under the stock ticker DJT.
In May 2024, TMTG's regulatory filing for the first quarter of 2024 reported $327.6 million in losses, largely resulting from taking the company public, and $770,000 in revenue.
U.S. President Donald Trump raised the prospect of building a new social media platform after he was banned from Facebook and Twitter in 2021, following the 2021 United States Capitol attack. In May 2021, Trump launched "From the Desk of Donald J. Trump", a web page where he posted short tweet-like announcements; it was shut down after less than a month, with Trump's senior aide Jason Miller confirming it would not be coming back.
According to Reuters, two members of the cast of Trump's TV show The Apprentice, Wes Moss and Andy Litinsky, were "central" to the founding of Truth Social's parent company, the Trump Media & Technology Group (TMTG), having allegedly pitched the idea of a social network to Trump in January 2021.
To facilitate becoming a publicly traded company, a special-purpose acquisition company (SPAC) called Digital World Acquisition Corp (DWAC) was created with the help of ARC Capital, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that has been a target of SEC investigations for misrepresenting shell corporations. ARC also provided at least $2 million to get DWAC off the ground through a Singapore-based fund. Led by China-based banker Abraham Cinta, ARC Capital's global links included offices in Shanghai, Wuhan, Mexico City, and Jakarta, which Bloomberg News described as "surprising", due to Trump's comments on various foreign countries in office. Some investors were surprised to learn their investment money was being used to finance a Trump company. The DWAC chief executive Patrick Orlando, a Florida-based financier and former Deutsche Bank trader, was also the chief executive of the Wuhan-based Yunhong Holdings/Yunhong International, registered in the offshore tax haven of the Cayman Islands. In an October 2021 SEC filing, the special-purpose acquisition company Yunhong International stated its goal was to "capitalize on growing opportunities created by consumer/lifestyle businesses that have their primary operations in Asia." Reuters quoted a deleted presentation from 2020, in which ARC Capital said it "was able to craft a Wuhan-based SPAC sponsored by a family office, structured by ARC in Singapore, to allow our client to enjoy the flexibility and benefits of the U.S. financial markets." Yunhong was liquidated in December 2021, while its backers remained involved with the DWAC and Truth Social venture. An additional backer of the Trump social media venture, becoming the CFO of Digital World Acquisition, was Brazilian parliamentarian Luiz Philippe of Orléans-Braganza, a monarchist allied with Jair Bolsonaro.