Donald Trump's Truth Social finances in 'significant disarray' amid brewing trademark woes
The social media network backed by former President Donald Trump is facing serious turmoil after failing to obtain its trademark. According to a report published by Fox News Business, Truth Social's finances are in a “significant disarray.”
RightForge, a commercial web hosting vendor for Truth Social, is alleging that the social media platform now owes approximately $1.6 million in contractual payments.
Back in October, RightForge announced the nature of their work with Truth Social but now the hosting provider claims the social platform only made three of its monthly payments for the services. Now, RightForge is threatening to take legal action.
In addition to the financial challenges, Truth Social was also dealt another blow. According to HuffPost, Truth Social also lost its bid for a trademark.
On Thursday, August 25, Josh Gerben, a Washington-based trademark lawyer, tweeted details about the filing via Twitter as he pointed out: “Ideally, you would pick a name where this wasn’t going to happen.”
The latest developments come just one week after Digital World Acquisition Group, the specialty acquisition company currently working toward a merger for Truth Social, announced its plan to delay its company earnings report.
“In order to be successful, TMTG will need millions of those people to register and regularly use TMTG’s platform,” the filing reads. “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 … [the merger] could be adversely affected.”
Although RightForge CEO Martin Avila did not offer details "on any private matters," he did not deny the financial disagreement between the two business entities.
"Our founding vision is to make a second internet to support American ideas online," Avila said in a statement. "RightForge believes in the mission of President Trump’s free speech platform and wish to continue supporting the president in his media endeavors."
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