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Donald Trump’s Social-Media Company Is in Big Trouble

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Donald Trump wanted to disrupt the hegemony of the Silicon Valley giants. Things don’t seem to be going the way the former president wanted.

Donald Trump has never hidden his objective in launching Truth Social: to disrupt the hegemony of the giants of Silicon Valley.

The former president did not take well to what appeared to be a humiliation: He was ejected from the major social-media platforms that influence opinions and trends in public life.

One day after the events of Jan. 6, 2021 — when his supporters stormed the Congress in Washington — Facebook  (META) – Get Meta Platforms Inc. Report, YouTube  (GOOGL) – Get Alphabet Inc. Report and Twitter  (TWTR) – Get Twitter Inc. Report, the three main social networks in the U.S., banned him

The real estate developer, who has millions of loyal supporters and fans, then promised to launch his own social network as a place of free expression for conservatives and to continue to build the Trump brand.

When the platform launched in February, Truth Social drew flurry of downloads on Apple’s  (AAPL) – Get Apple Inc. Report iOS app. It was rolled out to all U.S. iOS users in May. But the euphoria seems to have died down.

Not on Google Play

Truth Social has not yet been launched on Google’s Android operating system, which runs the vast majority of smartphones. That’s because Google says it violates its content moderation policy like physical threats and incitement to violence.

“On Aug. 19 we notified Truth Social of several violations of standard policies,” Google told the BBC. “Having effective systems for moderating user-generated content is a condition of our terms of service for any app to go live on Google Play,” the company added.

For its part, Trump Media & Technology Group, founded by the former president and the parent of Truth Social, said in a news release that “TMTG has continuously worked in good faith with Google to ensure that the Truth Social Android App complies with Google’s policies without compromising our promise to be a haven for free speech,

“As our users know, Truth Social is building a vibrant, family-friendly environment that works expeditiously to remove content that violates its Terms of Service – which independent observers have noted are among the most robust in the industry.”

“By contrast TMTG notes that this viral, four-year-old tweet threatening nuclear war on law-abiding citizens remains up on Twitter for Android without consequence,” the company added.

Google didn’t immediately respond to a request for comment from TheStreet.

Zero Revenue

Digital World Acquisition (DWAC) , the blank-check company that is supposed to merge with TMTG, is also in a fragile financial situation.

The firm reported a net loss of $6.2 million for the 2022 first half due to general and administrative costs, according to a Securities and Exchange Commission filing. This loss was five times the year-earlier loss of $1.2 million.

The company is burning cash: It had $3 million on hand at the end of the period compared with $24.3 million at the end of first-half 2021. And in 2022 through the close of Wednesday trading, the shares were down 53%.

DWAC does not currently generate any revenue. But what is more worrying is that the firm must raise fresh money.

“We believe we will need to raise additional funds in order to meet the expenditures required for operating our business,” the firm said.

“Additionally, if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our business combination.”

Basically, DWAC says it may not have enough cash to continue operating before it closes its merger with TMTG.

“Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination.”

Legal Headaches

DWAC is also facing two SEC investigations looking at whether the company improperly negotiated with Truth Social before its IPO in 2021. The regulator issued subpoenas to the company and to TMTG, according to the SEC filing.

The firm said it’s “cooperating with an SEC investigation, including responding to several document requests and subpoenas from the SEC to us and certain of our directors seeking various documents and information regarding, among other things, meetings of our Board of Directors; communications with and the evaluation of potential targets, including TMTG; communications relating to TMTG; agreements with and payments made to certain advisors.”

Finally, Truth Social owes $1.6 million to one of its vendors, RightForge, an internet infrastructure company for conservatives, sources told Axios.

One of the sources told the news outlet that if Truth Social fails to come up with the cash to pay back RightForge, the dispute could move to arbitration.

Culled from The Street (By Luc Olinga)

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BREAKING: Rescuers locate crash site of helicopter carrying Iran’s President Ebrahim Raisi

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The crash site of the helicopter carrying Iran’s President Ebrahim Raisi has been located, Iranian state news agency IRNA and semi-official news outlet ISNA reported on Monday.

The helicopter crashed in a remote part of the country on Sunday.

As president of Iran, Raisi is the second most powerful individual in the Islamic Republic’s political structure after Supreme Leader Ayatollah Khomeini. He became president in a historically uncompetitive election in 2021, and he has overseen a period of intensified repression of dissent in a nation convulsed by youth-led protests against religious clerical rule.

The crash comes at a fraught moment in the Middle East, with war raging in Gaza and weeks after Iran launched a drone-and-missile attack on Israel in response to a deadly strike on its diplomatic compound in Damascus.

As the sun rose Monday, Raisi and the others on board remained missing more than 12 hours after the likely crash, with Turkish drone footage suggesting the helicopter went down in the mountains. Rescuers rushed to the site.

The incident comes as Iran under Raisi and Supreme Leader Ayatollah Ali Khamenei launched an unprecedented drone-and-missile attack on Israel last month and has enriched uranium closer than ever to weapons-grade levels.

Iran has also faced years of mass protests against its Shiite theocracy over an ailing economy and women’s rights — making the moment that much more sensitive for Tehran and the future of the country as the Israel-Hamas war inflames the wider Middle East.

Raisi was traveling in Iran’s East Azerbaijan province. State TV said what it called a “hard landing” happened near Jolfa, a city on the border with the nation of Azerbaijan, some 600 kilometers (375 miles) northwest of the Iranian capital, Tehran. Later, state TV put it farther east near the village of Uzi, but details remained contradictory.

Traveling with Raisi were Iran’s Foreign Minister Hossein Amirabdollahian, the governor of Iran’s East Azerbaijan province and other officials and bodyguards, the state-run IRNA news agency reported. One local government official used the word “crash,” but others referred to either a “hard landing” or an “incident.”

Neither IRNA nor state TV offered any information on Raisi’s condition in the hours afterward.

Early Monday morning, Turkish authorities released what they described as drone footage showing what appeared to be a fire in the wilderness that they “suspected to be wreckage of helicopter.” The coordinates listed in the footage put the fire some 20 kilometers (12 miles) south of the Azerbaijan-Iranian border on the side of a steep mountain.

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‘I’ll bring my plane… I plan on keeping it for another four years’ – Biden on second debate with Trump

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President Biden and former President Trump agreed to hold a second debate Sept. 10 hosted by ABC News.

The two candidates had already accepted an invitation earlier Wednesday to attend a CNN debate on June 27, and both confirmed later in the day on social media that they plan to attend the ABC debate in September.

“I’ve also received and accepted an invitation to a debate hosted by ABC on Tuesday, September 10th,” Biden posted on the social platform X. “Trump says he’ll arrange his own transportation. I’ll bring my plane, too. I plan on keeping it for another four years.”

Biden, of course, is referring to the presidential jet, Air Force One.

“It is my great honor to accept the CNN Debate against Crooked Joe Biden, the WORST PRESIDENT in the History of the United States and a true Threat to Democracy, on June 27th,” Trump posted on Truth Social. “Likewise, I accept the ABC News Debate against Crooked Joe on September 10th.”

It marked a whirlwind few hours that started with Biden’s campaign publicly proposing two deabtes in June and September and ended with both candidates agreeing to a date and host.

ABC News had planned to host a GOP primary debate in New Hampshire, but it was canceled after Trump and Nikki Haley said they would not attend. Martha Raddatz of ABC co-moderated one of the 2016 presidential debates; the network did not host a debate in 2020.

The candidates have chosen to go around the Commission on Presidential Debates, the organization that has arranged the showdowns dating back to 1988.

Biden campaign chair Jen O’Malley Dillon suggested working with outlets that hosted GOP primary debates in 2016 and Democratic primary debates in 2020 to avoid any perceptions of bias.

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Nigerian officials probe plan to marry off scores of female orphans

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Nigeria’s Federal Ministry of Women Affairs says it is investigating a plan by a lawmaker in central Niger state to marry off some 100 female orphans of unknown ages later this month.

Speaker of the Niger State Assembly Abdulmalik Sarkin-Daji announced the mass wedding last week but called off the ceremony following widespread outrage.

Minister of Women Affairs Uju Kennedy-Ohanenye, speaking to journalists in Abuja on Tuesday, condemned the plans.

Kennedy-Ohanenye said she had petitioned the police and filed a lawsuit to stop the marriages pending an investigation to ascertain the age of the orphans and whether they consented to the marriages.

“This is totally unacceptable by the Federal Ministry of Women Affairs and by the government” of Nigeria, she said.

Last week, Sarkin-Daji announced his support for the mass wedding of the orphans, whose relatives were killed during attacks by armed bandits. He said it was part of his support to his constituents following an appeal for wedding funding by local traditional and religious leaders.

The mass wedding had been scheduled for May 24.

“That support I intend to give for the marriage of those orphans, I’m withdrawing it,” he said. “The parents can have the support [money], if they wish, let them go ahead and marry them off. As it is right now, I’m not threatened by the action of the minister.”

Despite national laws prohibiting it, forced or arranged marriage is a common phenomenon in Nigeria, especially among rural communities in the predominantly Muslim north, where religious and cultural norms such as polygamy favor the practice.

Poor families often use forced marriage to ease financial pressure, and the European Union Agency for Asylum says girls who refuse could face repercussions such as neglect, ostracism, physical assault and rape.

Raquel Kasham Daniel escaped being married off as a teenager when her father died and now runs a nonprofit helping children, especially less-privileged girls, get a formal education for free.

She said the ability of women to avoid forced marriage in Nigeria depends on their income and education.

“I was 16 when I lost my dad and I was almost married off, but then I ran away from home. And that gave me the opportunity to complete my education, and now I have a better life,” Daniel said.

“So, the reason why I prioritize education is to make sure that other girls have access to quality schooling so that it will help them make informed decisions about their lives. Education not only increases our awareness as girls about our rights but also enhances our prospects for higher income earning,” she said.

Thirty percent of girls in Nigeria are married before they turn 18, according to Girls Not Brides, a global network of more than 1,400 civil society groups working to end child marriage.

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