Truth Social, Donald Trump’s social media platform, has had its fair share of problems in its start-up phase, but a new development highlights how little thought and planning went into the founding of the right-wing outlet. The United States Patent and Trademark Office announced that it has denied Trump’s application to trademark the name of his fledgling social media platform because two other companies in the same sector already use wording substantially similar to Truth Social, potentially causing confusion among consumers.
Typically, an extensive trademark search is conducted before a new company is launched and begins doing business to avoid future disruptions and litigation.
The USPTO has refused Donald Trump's trademark application for "TRUTH SOCIAL."
The basis of the refusal is the existence of multiple pre-existing "TRUTH" trademarks.
— Josh Gerben (@JoshGerben) August 25, 2022
This is just the latest blow to the ex-President’s Twitter knockoff, which has been embroiled in financial and legal controversy since its launch was announced.
With a 75% dip in stock value since March, Digital World Acquisition Corp. (DWAC) – the Special Purpose Acquisition Company partnered with Truth Social’s parent company, the Trump Media & Technology Group (TMTG) – has asked the Securities and Exchange Commission (SEC) for an extension to file its 2nd quarter earnings report.
The blank check company is currently under SEC investigation for alleged back door dealings prior to DWAC taking Truth Social public – a violation of federal securities law.
A lawsuit filed by private equity investor Brian Shevland against DWAC CEO Patrick Orlando accuses the businessman of fraud.
According to Shevland – a former DWAC director nominee – Orlando and Trump began negotiations months ahead of the public offering.
Truth Social’s failed launch was a sign of things to come. In April, Axios reported that the app’s coming out party had been delayed — again, from its original February 21st date — President’s Day — to March to who knows when.
Potential users were initially greeted with a wait list running six digits deep.
In true Trump fashion, Truth’s vendors are also getting the shaft. According to Fox Business, Truth Social has stopped paying Right Forge, the right-wing web hosting service that hosts its technical infrastructure. Having only made three payments, TMTG now owes the company over $1.6 million.
With the September 8th merger deadline fast approaching, Digital World Acquisition Corp. has asked shareholders to approve an extension until 2023. In the filing, DWAC wrote:
“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, and from which he will derive financial benefit, [Trump Media’s] results of operations, as well as the outcome of the proposed Business combination, could be adversely affected.”
Since Donald Trump’s home was searched on August 8th, the ex-President and his potential violations of both the Presidential Records and Espionage Acts have been exposed, putting this country’s national security at risk. Coupled with damning testimony during the Jan. 6 televised hearings, DWAC and its investors should take the stumbling blocks as a sign — to head to the exit.
Follow Ty Ross on Twitter @cooltxchick
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