The former president of the United States of America, Donald Trump, has been caught in a whirlwind of felony charges. After serious misdemeanor charges, Trump was indicted on 34 felony charges in April 2023. It relates to fraudulent businesses that he conducted to fund his political campaign in 2016. Along with a failing political career, Trump’s finances are also dwindling.
Donald Trump has a reverse Midas touch. Any business he touches turns into ashes rather than gold. When he started in the business world, managing his father’s million-dollar real estate business, Trump achieved considerable success. However, when he started entering fields that were already taken over by moguls, the businesses were doomed to fail. In 2021, after the election results, Trump supporters invaded Capitol Hill, leading to Trump getting banned from all other social media platforms. So, to fight the tyranny of big companies, he launched his social media platform, Truth Social, which, unsurprisingly, is failing.
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The Origin Of Donald Trump’s Truth Social
In 2021, the Capitol Hill attack had far-reaching effects, financially and politically. On January 6, 2021, Donald Trump supporters marched toward Capitol Hill due to vote fraud allegations and instigations from Donald Trump. Capitol Hill witnessed the destruction, and Trump got impeached, but he was not found guilty in the Senate trial.
Along with political implications, Donald Trump was banned from all social media. In a sudden move, Trump lost 90 million followers on Twitter.
After he left the White House, Donald Trump decided to start his social media platform. When he launched Truth Social, he wrote, “I created Truth Social…to stand up to the tyranny of big tech.” Twitter’s rip-off, Truth Social, garnered a lot of attention. Most of the users are conservative, anti-woke, and male. When the app was about to launch, the presentation for investors hinted that the platform would garner 81 million users by 2026.
However, the real picture for Trump is concerning. When the app was announced, it created potential for Trump to boost his wealth. So, the special purpose acquisition company, Digital World Acquisition Corp., took advantage of the opportunity and announced a merger. Due to this, the stock price of the company shot up from $10 to $175. The potential value of the business was estimated at $22 billion. But Trump’s wealth is receding, and the merger plans are looking murky.
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The Former US President Lost $700 Million Due To The App
The merger between Digital World Acquisition Corp. and Trump Media has been delayed since September 2022. Julian Klymochko, CEO of Accelerate Financial Technologies, said, “If you look at the Digital World and Trump deal, it’s driven by political leanings. You’ve seen that stock resonate with those who are ‘anti-woke’ and more right-wing in nature.”
He continued, “At the end of the day, they’re Trump supporters and, by and large, retail investors who have been compelled to buy the shares for a political stance and not any sort of sentimental view on the value of the Trump Media business.”
Digital World Acquisition Corp. acquired $1 billion in funding from private investors to pump money into the merger. But the deadline for the investors to support the merger came to an end on April 4, 2023. The Securities and Exchange Commission is also investigating the deal. The stock price of DWAC has also been reduced to $14. Now, as per Forbes, Trump’s wealth has plummeted to $2.5 billion, with a $700 million loss due to the arrest and the impending $300 million investment.
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