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Trump Media and Technology Group (TMTG) Blames the Media’s “Momentous Smear Campaign” for Leaking “Fictitious” Financial Results
Trump Media and Technology Group (TMTG) Blames the Media’s “Momentous Smear Campaign” for Leaking “Fictitious” Financial Results
Jul 13, 2024 6:49 PM

This is not investment advice. The author has no position in any of the stocks mentioned. Wccftech.com has a disclosure and ethics policy.

In a dramatic turn of events, Truth Social's parent company, Trump Media and Technology Group (TMTG), has launched a scathing attack against a number of media outlets for publishing an entirely "fictitious" account of its financial results as part of the broader reporting on its impending merger with the SPAC Digital World (DWAC).

Trump Media and Technology Group (TMTG) Launches a Broadside Against Media Outlets

After posting a clarification on Truth Social, Trump Media and Technology Group (TMTG) has also filed a Form 425 with the SEC. The filing includes a screenshot of the Truth Social post.

Trump's media-focused entity blasted several media outlets for launching a "momentous smear campaign," one that involved publishing "utterly fictitious financial results for TMTG."

Bear in mind that a number of media outlets had reported earlier this week that Truth Social has lost $73 million since its inception, managing to bring in cumulative revenues of just $3.7 million. TMTG has termed these figures fictitious.

Trump Media and Technology Group has now issued over 20 retraction letters to these outlets to demand a public apology, threatening legal action should they fail to comply. Politico's Alex Weprin - who was one of the earliest leads - appears to have deleted his relevant X post in response.

As we noted in a recent post, Digital World filed the first amendment to its Form S-4 earlier this week. DWAC's amendment added a preliminary proxy statement and a prospectus to its Form S-4, indicating that the SPAC appears to be moving ahead with its planned merger with Trump Media and Technology Group, whose CEO Devin Nunes called this development "a monumental milestone toward completing the business combination."

For the benefit of those who might not be aware, TMTG's Truth Social app uses a Soapbox frontend and a customized, open-source version of Mastodon as its backend. In December 2021, the platform tapped the online video platform Rumble to provide video hosting services. Against a target of 81 million users by 2026, the platform currently has only around 6.5 million users.

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