Former President Donald Trump set out to invest in a brand new Media Company called “Truth Social” that would allegedly be the most reliable news source for audiences. The novel social media company had planned to release an invitation-only Beta version which was intended to be a new version of Twitter. However, it seems that there has been no action taken for this matter since the late October announcement. No sightings or images of an operational platform have been released to the public despite the “Truth Social” app being available for pre-order. In addition, the company that planned to merge with Trump’s social media firm, called Digital World Acquisition Corp. has seen a significant drop in its stock price since the TMTG initiative went public. It started out selling high, at a heaping $175 per share, and dropped down to just $44 per share on Wednesday.
According to Reuters, Trump’s new social media company mains to raise one billion dollars through share sales to Hedge funds and family offices at higher prices. Although it is natural for some companies to not be successful in launching their products on the initial deadline, the awaited appearance of Truth social was intended to serve as a clear test to companies and investors that contributed to its development through the stock market. Both parties of representatives, Trump Media & Technology group and Digital World Acquisition Corp. have been reluctant to to comment on the recent absence and have yet to provide answers for the public, as reported by CNBC news. It is also currently unclear on who is building the network, as TMTG has not disclosed any companies or executives’ names.