Former President Donald Trump, who implemented his own social network when he was banned from Twitter and Facebook networks during the presidential elections, started to lose users due to disturbing censorship policies, although he experienced a rise for a while. On top of that, when Trump’s ban was lifted, the inevitable end came.Truth Social is in distress
Truth Social, under the umbrella of Trump Media, has been operating under SPAC Digital World Acquisition Corp. was in conversation with SPAC, which recently went public, would invest approximately $293 million. With this investment, a new video content platform and different cloud-based projects will be provided, especially Truth Social.
However, things got complicated when the SEC and FINRA agencies scrutinized the deal. It became necessary to postpone the investment rounds to a later period. As such, it has affected the Truth Social economy. When the lifting of Trump’s Twitter and Facebook ban calmed the storm on the social network, layoffs began.
According to the information received, Truth Social is laying off many of its employees in order to maintain its capital. In the first stage, 6 people out of a team of about 40 people were dismissed. Among them is the head of technology.
Sources state that the Trump group only has the opportunity to fund the social network until September. If the SPAC agreement does not take place, a complete shutdown of the Truth Social network may also be on the agenda.
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