The financial origins of Truth Social have been shrouded in mystery since it was founded by Donald Trump. The company got $1 billion in funding, but it's not accessible until the public launch. About $38 million in debt was pulled together by Trump's media venture, but it wasn't his money. Who gave it?
According to a report from the news agency, we have some answers. An oil tycoon with political ties, former Trump appointees and staff sycophants pooled their resources together.
In August, a former co-founding executive of Trump's media company filed a whistle blower claim with the SEC against his employer and the shell company trying to take Truth Social public. The person went public as a whistle blower. Some of the documents that were shared with the SEC have been made public.
Some of the major Truth investors are listed in the first report.
About $10 million is still missing. The outlet couldn't identify the origins of the promissory notes in the documents.
The platform is struggling despite the fact that Trump's truth has some wealthy and powerful supporters. The attempt to go public has been delayed due to the probes. The shell company tried to prop up the social media site by moving it from an office to a mailbox.
Trump will likely return to his previous platform with the completion of Musk's acquisition ofTwitter. Before being perma-banned, the former president had more followers on the social networking site than on Truth. Trump is obligated to keep Truth-ing as long as his media company is alive. He doesn't know how much he will prioritize growing Truth's investor base and audience.
Following the news of Musk taking over, Trump posted on Truth that he was happy that the company would no longer be run by left-wing extremists. He was enthusiastic about both platforms.
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