According to a report by fox business Thursday.
The allegations come from RightForge, an internet infrastructure company and one of Truth Social’s largest suppliers and creditors. So true, fox business reports, it would suggest that the social media platform’s finances “are in significant disrepair”.
RightForge entered into an agreement to host Truth Social on its servers in October 2021 when the platform was created. The social media app was founded after Trump was banned from Twitter following the January 6 riot and aims to encourage “an open, free and honest global conversation without discrimination based on political ideology”, according to its website. According to RightForge’s website, the company provides “accommodation for those who believe in free speech and need independence from big tech.”
Inside Truth Social: Hands-on with Trump’s social media platform
Despite the seemingly made-in-heaven match, unnamed RightForge sources said fox business that Truth Social has “reneged on its contractual monthly payments” and owes the web hosting service approximately $1.6 million. The anonymous sources also said fox business that Truth Social stopped making payments in March and that RightForge is planning legal action to recover the money.
While Trump is listed as one of the founders of Truth Social, according to the holding company that owns the Trump Media and Technology Group platform, the former president’s monetary and day-to-day investment is “negligible to non-existent.” The current CEO of Trump Media is former California Republican Representative Devin Nunes, and he has yet to comment on the allegations, according to Fox business. RightForge CEO Martin Avila also declined Fox Business’ request for comment, but also did not deny the accusations.
In addition to potential lawsuits, the report also states that Truth Social isn’t making any money either. Fox Business reported that in a May regulatory filing regarding Truth Social’s potential merger with media company Digital World, it was claimed that Truth Social was not bringing in any revenue, and possibly not until 2023.
The news of Trump and his associates not paying their bills probably comes as no surprise to those familiar with his business dealings — especially Trump’s overt bragging about not paying his bills. In 2016, USA today listed 3,500 court cases in which business owners and workers claimed Trump failed to pay their bills. This included employees of his casinos, real estate brokers, even the lawyers he had to represent in these lawsuits, ironically enough.