https://sputnikglobe.com/20220827/report-truth-social-in-fight-with-vendor-over-16m-in-missed-payments-1100050316.html
Report: Truth Social In Fight With Vendor Over $1.6M in Missed Payments
Report: Truth Social In Fight With Vendor Over $1.6M in Missed Payments
Sputnik International
Truth Social brands itself as a free speech platform and an alternative to Twitter. It is owned by Trump Media & Technology Group. 27.08.2022, Sputnik International
2022-08-27T03:36+0000
2022-08-27T03:36+0000
2022-12-19T14:03+0000
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The Trump social media platform Truth Social is having a $1.6 million dispute with one of its largest vendors and creditors, RightForge, according to Fox Business.RightForge is an internet infrastructure company that provides internet hosting services for Truth Social. According to sources that Fox Business talked to, the two companies are fighting over contractually obligated payments allegedly missed by Truth Social, dating back to March.The sources contend that the missed payments show Truth Social has significant financial problems and that RightForge is threatening legal action to recoup the lost payments.Spokespersons for both companies along with RightForge CEO Martin Avila have refused to comment on the situation, but neither took the opportunity to deny that there is a disagreement between the companies. One of the sources Fox Business talked to indicated that Truth Social informed RightForge that the payments were stopped due to a breach of contract, though it is not known what the alleged breach was.At press time, RightForge is still providing services to Truth Social, and Avila said in a statement that they still support the platform and the former president.Trump Media & Technology Group was founded in October 2021 and launched Truth Social in February of this year. It was created in response to Trump being banned from Twitter due to his role in the January 6 riots. Trump is thought to hold a controlling stake in the company, though his financial investment is said to be negligible. The company’s filings list him as its chair, while former Republican California representative Devin Nunes is the site’s CEO. Nunes did not respond to requests for comment from Fox Business.The platform had planned to merge with Digital World Acquisition Corp, a company dedicated to acquisitions, but that merger has been put on hold as various probes look into its business dealings. Both the Justice Department and the Security and Exchange Commission are reportedly looking into the company.Digital World’s stock price has dropped 42% since the start of the year.Meanwhile, Trump is dealing with his own legal issues, including the January 6 commission, a New York state civil probe into his finances, and an FBI raid on his Mar-a-Lago estate stemming from a Department of Justice probe into whether the former president mishandled classified documents.It is unknown what Truth Social’s finances currently are. While it has seen an uptick in use coinciding with the growing controversies, making social media sites profitable is notoriously difficult. Twitter, which currently has over 200 million users, recorded its first profitable year in 2018. The social media company launched in 2006 and before becoming profitable, had to rely on significant investments from venture capitalists.
https://sputnikglobe.com/20220415/fox-news-denies-having-anything-to-do-with-authorized-account-on-trumps-truth-social-1094771991.html
https://sputnikglobe.com/20220405/all-bets-are-off-conservative-tech-execs-jump-ship-as-trumps-truth-social-tanks--1094485855.html
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truth, donald trump, devin nunes, social media
truth, donald trump, devin nunes, social media
Report: Truth Social In Fight With Vendor Over $1.6M in Missed Payments
03:36 GMT 27.08.2022 (Updated: 14:03 GMT 19.12.2022) Truth Social brands itself as a free speech platform and an alternative to Twitter. It is owned by Trump Media & Technology Group.
The Trump social media platform Truth Social is having a $1.6 million dispute with one of its largest vendors and creditors, RightForge,
according to Fox Business.
RightForge is an internet infrastructure company that provides internet hosting services for Truth Social. According to sources that Fox Business talked to, the two companies are fighting over contractually obligated payments allegedly missed by Truth Social, dating back to March.
The sources contend that the missed payments show Truth Social has significant financial problems and that RightForge is threatening legal action to recoup the lost payments.
Spokespersons for both companies along with RightForge CEO Martin Avila have refused to comment on the situation, but neither took the opportunity to deny that there is a disagreement between the companies. One of the sources Fox Business talked to indicated that Truth Social informed RightForge that the payments were stopped due to a breach of contract, though it is not known what the alleged breach was.
At press time, RightForge is still providing services to Truth Social, and Avila said in a statement that they still support the platform and the former president.
"Our founding vision is to make a second internet to support American ideas online. RightForge believes in the mission of President Trump’s free speech platform and wish to continue supporting the president in his media endeavors."
Trump Media & Technology Group was founded in October 2021 and launched Truth Social in February of this year. It was created in response to Trump being banned from Twitter due to his role in the January 6 riots. Trump is thought to hold a controlling stake in the company, though his financial investment is said to be negligible. The company’s filings list him as its chair, while former Republican California representative Devin Nunes is the site’s CEO. Nunes did not respond to requests for comment from Fox Business.
The platform had planned to merge with Digital World Acquisition Corp, a company dedicated to acquisitions, but that merger has been put on hold as various probes look into its business dealings. Both the Justice Department and the Security and Exchange Commission are reportedly looking into the company.
Digital World’s stock price has dropped 42% since the start of the year.
Meanwhile, Trump is dealing with his own legal issues, including the January 6 commission, a New York state civil probe into his finances, and an FBI raid on his Mar-a-Lago estate stemming from a Department of Justice probe into whether the former president mishandled classified documents.
It is unknown what Truth Social’s finances currently are. While it has seen an uptick in use coinciding with the growing controversies, making social media sites profitable is notoriously difficult. Twitter, which currently has over 200 million users,
recorded its first profitable year in 2018. The social media company launched in 2006 and before becoming profitable, had to rely on significant investments from venture capitalists.
