Just hours after former President Donald Trump’s announcement of his new social media platform “TRUTH Social,” it was accessed by Twitter users well before officially opening up for new users to sign up. It had already been hacked with users setting up fake Trump accounts and a Mike Pence account. The twice-impeached one-term president’s free speech site forbids users from disparaging the Twitter-like platform. Oh, and you can’t use all caps. It gets worse.
According to the New York Times, some investors who funded the new venture weren’t aware that the former president would be involved.
“The details of Mr. Trump’s latest partnership were vague,” the outlet reports. “The statement he issued was reminiscent of the kind of claims he made about his business dealings in New York as a real estate developer. It was replete with high-dollar amounts and superlatives that could not be verified.”
After learning of Trump’s involvement, at least one investor pulled out, according to HuffPost.
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“Many investors are grappling with hard questions about how to incorporate their values into their work,” hedge fund manager Boaz Weinstein said in a statement. “For us, this was not a close call.”
“As is common in SPAC arrangements, investors put their cash in before the acquisition target was chosen,” HuffPost’s Ed Mazza explains. “When Weinstein learned it would be with Trump’s firm, he bailed.”
Mazza reports that one investor who held 10% of the company told the Financial Times that he sold everything as soon as he could.
“The idea that I would help [Trump] build out a fake news business called Truth makes me want to throw up,” he said.
It appears that Trump still hasn’t gotten over his social media ban after he incited the deadly Jan. 6 insurrection, so he has created a similar platform. The New York Times reports if the deal goes through, it could give the new Trump company access to nearly $300 million in spending money. Anyone that invests in a Trump venture deserves to go down in flames. He’s bankrupted casinos even though the house always wins.
You can read HuffPost’s report here.
Featured image via Political Tribune gallery
