Digital World Acquisition warned that its operations 'could be adversely affected' by the ex-president's popularity.
The social media platform has been used by many conservatives as an alternative to Twitter, which they have accused of censoring them, as well as the main way Trump has communicated with his supporters in recent months. However, itsThe company's latest filings with the U.S. Securities and Exchange Commission outline its latest potential setbacks. According to the filing, the company lost a net of $6,225,776 from January through June 2022.
Above, a photo of Truth Social glitching in Los Angeles on February 21. Digital World Acquisition, the company behind Truth Social, has lost nearly $6.5 million since January, according to a new SEC report.Digital World Acquisition's stock has plummeted in recent months, as well. In March, its stock prices peaked at $97.54 a share, but that has declined to $27.52 per share as of Friday. That equates to nearly a 72 percent drop in the company's stock prices.
In a SEC filing, the company warned about how the ex-president could further damage its operations going forward. "If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, TMTG's results of operations, as well as the outcome of the proposed Business combination, could be adversely affected," the filing reads.
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