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Trump's Social Media Venture Abruptly Loses Key Officials; Sparks Concerns

Published 04/04/2022, 19:16
Updated 04/04/2022, 20:11
© Reuters.  Trump's Social Media Venture Abruptly Loses Key Officials; Sparks Concerns
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  • Tech chief Josh Adams and product development chief Billy Boozer have resigned from former President Donald Trump's 'Truth Social' in less than a year, Reuters reports.
  • Sources said, "If Josh has left… all bets are off," calling him the "brains" behind Truth Social's technology.
  • Boozer also had a significant leadership role as product chief, running management across technology infrastructure, design, and development teams.
  • The departures followed the troubled launch of the company's Apple Inc (NASDAQ: NASDAQ:AAPL) iPhone app on February 20.
  • Truth Social looked to go public via a special purpose acquisition company (SPAC) merger with Digital World Acquisition Corp (NASDAQ: DWAC).
  • The platform promised to give Trump unfettered communication after Twitter Inc (NYSE: NYSE:TWTR), Facebook (NASDAQ:FB) rebranded Meta Platforms Inc (NASDAQ: FB), and Alphabet (NASDAQ:GOOGL) Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) YouTube banned him for his role in the U.S. Capitol riot.
  • Weeks later, many users remained on Truth Social's waiting list, unable to access the platform.
  • Trump Media & Technology Group (TMTG) CEO Devin Nunes, a former Republican, confirmed making the app fully operational within the U.S. by the end of March.
  • Separately, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk disclosed a 9.2% stake in Twitter shortly after expressing a desire to create an alternative to the social media platform.
  • Price Action: DWAC shares traded lower by 11.30% at $56.08 on the last check Monday.
  • Photo via Wikimedia Commons
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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