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WTF Is Going on With Truth Social: A Timeline – Rolling Stone

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Unless you’re a die-hard fan of Donald Trump, a right-wing influencer, a Republican member of Congress, or the former president himself, you’ve probably haven’t spent much time in the digital wasteland that is Truth Social

Founded in 2022 as Trump’s personal social media platform, Truth Social was created as a MAGA alternative to X (then Twitter) following the former president’s ban from the platform in the aftermath of the Jan. 6 Capitol riot. 

Truth Social has seemed on the verge of financial collapse since it launched. Its meager base of 5 million monthly active users operates largely as a hive around its queen bee: Trump. The former president uses the platform as his exclusive social media forum for stream-of-conscious rants, screeds against his political enemies, endorsement announcements, and sharing articles lauding his greatness.

Despite internal chaos, federal investigations, and the many legal and criminal issues faced by its majority stakeholders, Truth Social made its stock-market debut late last month. It’s been a rocky few weeks since the IPO, with abysmal financial reports rocking investor confidence and Trump suing two of the platform’s co-founders.

Trump took to the platform on Thursday to try to put everyone’s mind at ease. “I THINK TRUTH IS AMAZING!” he wrote in a multi-post rant pumping up the platform. “First of all, it is very solid, having over $200,000,000 in CASH and ZERO DEBT. More importantly, it is the primary way I get the word out and, for better or worse, people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World.”

To understand what the hell is going on with Truth Social, here’s a timeline of the platform’s dramatic, lawsuit-filled spiral. 

Jan. 8, 2021: Trump is banned from his favorite social media platform, Twitter.

May 2021: Trump unveils “From the Desk of Donald J. Trump,” a website to post his ramblings in a vaguely social media-ish format. The project survives less than a month before being shut down.  

Oct. 21, 2021: Trump announces the creation of the Trump Media & Technology Group (TMTG), and his plans to create a social media app to rival Twitter. Trump adds that the company has been created through a Special Purpose Acquisition Company (SPAC) merger with Digital World Acquisition Corp. (DWAC). An SPAC is a publicly traded, blank-check company that exists to fundraise for a merger with another company seeking to go public on the stock market. SPAC’s are restricted to a two-year period before they must either complete their planned merger or dissolve. 

Oct. 21, 2021: Hackers almost immediately find the unpublicized domain of Truth Social’s beta and start trolling the platform. 

Nov. 6, 2021: The New York Times reports that DWAC’s massive $300 million investment haul for the venture may have violated securities laws by fundraising off its proposed merger with Truth Social before being officially listed on the stock market. Throughout the fall and winter of 2021, a slew of reporting emerges on the ethical questions surrounding Trump’s financial backers, and their histories of being investigated by the Securities and Exchange Commission (SEC). 

Dec. 6, 2021: A DWAC filing reveals that SEC and the Financial Industry Regulatory Authority (FINRA) have begun probing the SPAC’s communications with TMTG, indicating that the two agencies could suspect improper financial dealings between the companies. 

Dec. 21, 2021: The Washington Post reports that Arc Capital, a Chinese investment firm involved in the creation of Digital World Acquisition Corp., has been the target of multiple investigations by federal securities regulators. The company allegedly misrepresented shell companies as thriving operations enterprises. 

Feb. 21, 2022: Truth Social goes live. 

March 30, 2022: After garnering more than 800,000 users in its first week, new user sign-ups drop to about 60,000 a month after its launch. Overall website traffic drops by 93 percent in the same period. 

April 4, 2022: Josh Adams and Billy Boozer, Truth Social’s chief of technology and chief of product development, leave the company after less than a year. They cite software issues, poor user growth, and general company dysfunction.  

June 8, 2022: Trump, along with five others, leave TMTG’s board ahead of a slew of subpoenas issued by the SEC and a Manhattan grand jury. The news is kept quiet until made public by a Sarasota Herald-Tribune report in July. 

June 27, 2022: A Manhattan grand jury issues subpoenas to the entire DWAC board. 

July 1, 2022: TMTG receives subpoenas from both the SEC and the Manhattan grand jury for documents related to their planned merger with DWAC. 

Aug. 30, 2022: Google says Truth Social’s content moderation policies do not meet its standards to be made available on the Google Play store. Truth Social is added to the Google Play store in October after implementing stronger content moderation policies.

Nov. 3, 2022: DWAC postpones a vote to move forward with the completion of its merger with TMTG for the sixth time, after failing to amass the 65 percent of shareholder support necessary to finalize the deal. 

Nov. 19, 2022: Following his purchase of Twitter, Elon Musk reinstates Trump’s account to the platform. The next day, the former president clarified that he had no intention of returning to Twitter, and that Truth Social would remain his primary social media platform. 

March 15, 2023: The Guardian reports that federal investigators in New York are probing whether TMTG violated anti-money laundering laws after accepting $8 million of Russian oligarch-connected funding. 

July 20, 2023: The SEC announces that it has settled fraud charges against DWAC “for making material misrepresentations in forms filed with the SEC as part of DWAC’s initial public offering and proposed merger with Trump Media & Technology Group Corp.” The SEC found that “DWAC misled investors and the SEC by failing to disclose that it had formulated a plan to acquire and was pursuing the acquisition of TMTG prior to DWAC’s IPO.” DWAC agrees to pay an $18 million penalty upon closing a merger transaction.

Sep. 5, 2023: DWAC shareholders vote to extend the merger deadline by a year, days before it’s set to expire. 

Oct. 13, 2023: DWAC reveals that it has received termination notices amounting to $467 million from investors, and would refund an additional $533 million — virtually all of its $1 billion fundraising haul.

Nov. 13, 2023: Digital World Acquisition Corp. reveals that in 2022 Truth Social brought in only $1.4 million in net sales, and lost $50 million. During the first six months of 2023, the company made $2.3 million, but lost $23 million.

Feb. 16, 2024: Trump is ordered to pay $355 million in penalties resulting from a civil fraud lawsuit brought against him by the state of New York, this on top of the massive stack of legal bills already incurred by his various court cases.

Feb. 27, 2024: TMTG and DWAC sue DWAC’s former CEO Patrick Orlando and its biggest investor, Arc Capital, alleging Orlando schemed to block the merger in order to “obtain a windfall by way of extortion.”

Feb. 28, 2024: Two of TMTG’s co-founders, Andy Litinsky and Wes Moss, file a lawsuit claiming Trump and others conspired to dilute their shares of the company ahead of its expected merger with DWAC and debut on the stock market.

The Washington Post notes that the lawsuit mentions that in 2022 Trump attempted to pressure Litinsky into giving his shares to his wife, Melania, and then attempted to oust Litinsky from the company when he refused.  

Feb. 29, 2024: Arc Capital files a lawsuit of its own, alleging DWAC executives tried to strip the firm of 2 million shares of the company. 

March 19, 2024: DWAC sues one of its former executives, Patrick Orlando, in an attempt to force him to vote in favor of the merger with TMTG. 

March 22, 2024: DWAC officially approves its merger with TMTG, setting up its stock-market debut. 

March 26, 2024: TMTG goes public under the ticker code DJT, closing the day at a nearly $8 billion valuation. While Trump is barred from cashing out on his shares for six months, the stock valuation means Trump could ultimately secure a $3 billion financial lifeline

April 1, 2024: A slew of FEC filings reveal that Truth Social reported losses of $58 million in 2023, against only $4.8 million in revenue. DJT’s stock valuation plummets as a result.

April 2, 2024: Bloomberg reports that Trump sued Truth Social co-founders Litinsky and Moss in a bid to absorb their stake in the company. The lawsuit, which was filed March 24, alleges that Litinsky and Moss made a “series of reckless and wasteful decisions at a critical time” that caused “significant damage” to the company and a “decline in the stock prices of its merger.”

Litinsky and Moss were set to net 8.6 million shares of the new company. The lawsuit seeks to strip them of everything.

April 3, 2024: Michael Shvartsman and Gerald Shvartsman, two early investors in Truth Social, plead guilty to participating in an insider trading scheme that netted them more than $22 million in advance of DWAC’s merger with TMTG. 

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April 3, 2024: The Guardian reports that in 2022, Truth Social was bailed out of potential bankruptcy through emergency loans provided by Anton Postolnikov, a Russian-American businessman. Postolnikov has for years been a subject of interest in a joint FBI and Department of Homeland Security (DHS) investigation into allegations of insider trading and money laundering related to the DWA/TMTG merger.

April 4, 2024: Trump tries to inspire confidence in DJT with a series of Truth Social posts. The company’s stock continues to fall.

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What to stream this weekend: ‘Civil War,’ Snow Patrol, ‘How to Die Alone,’ ‘Tulsa King’ and ‘Uglies’

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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.

Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.

NEW MOVIES TO STREAM SEPT. 9-15

Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.

— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.

— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”

AP Film Writer Lindsey Bahr

NEW MUSIC TO STREAM SEPT. 9-15

— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”

— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.

AP Music Writer Maria Sherman

NEW SHOWS TO STREAM SEPT. 9-15

— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.

Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.

— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.

— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.

Alicia Rancilio

NEW VIDEO GAMES TO PLAY

— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.

— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.

Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.

Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.

Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.

Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.

Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.

Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.

As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.

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Arizona man accused of social media threats to Trump is arrested

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Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.

Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”

In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.

The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”

This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.

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