Trump’s Truth Social Takes Another Major Hit After Losing Over $100 Million In Investor Money

Donald Trump ain’t doing so hot these days. Sure, he’s out there doing rallies, teasing that third presidential campaign he may or may not be doing. But he may only be eyeing the White House to avoid all the legal and political peril he’s in. Perhaps he doesn’t even have time to notice that his rinky dink Twitter clone, which is already millions in debt, has been hit with still more bad news.

As per Reuters, some investors have pulled out of the special-purpose acquisition company (SPAC) that would have chained Digital World Acquisition Corp’s plan to Trump Media and Technology Group (TMTG), which owns the former president’s social media service Truth Social. It’s not been made public which investors have jumped ship, but their would-be contributions totaled $139 million out of the $1 billion that had been planned.

Investors had been allowed to remove their money from the deal after September 20 if the deal between Digital World and Truth Social had not been finalized. It hasn’t, and thus investors can do what they like. More may follow in the next few weeks.

The deal between SPAC and TMTG had been rocky, thanks in part to civil and criminal probes into the deal, to say nothing of Trump’s own legal and economic woes. Speaking of which, Trump recently claimed that not only was he able to declassify any government documented he wanted without going through a process (he can’t), but he could even do so with his mind (ditto).

(Via Reuters)