Following January’s insurrection, Donald Trump was banned from major social media sites including Twitter. Not only was it humiliating to the former president, it also hurt him financially. It is estimated that Trump’s Twitter feed was worth over a billion dollars.
Now that he’s a private citizen, the former president has been attempting to start his own social media site. The first, a crude blog page, was widely mocked and taken off line after a month. Another site is expected to debut soon, though, and this one has extensive financial backing. According to MSNBC analysts John Heilemann and Tim O’Brien, it is clearly a scheme to pay off Trump’s massive debts.
Heilemann told host Lawrence O’Donnell, “I have a fairly high degree of confidence that there will never be a media company of any kind that will get formed in this way, and that this is all some kind of a black bag job to get money — that Trump can somehow siphon some money away from people who are trying to curry favor with him.”
O’Brien then weighed in, “The whole logic here is that Donald’s Trunp’s political and digital mojo is so potent that a number of hedge funds, and a perhaps larger number of undisclosed investors, have put a bunch of money into this, on the idea that they will ultimately separate a bunch of suckers from their wallets.”
The Bloomberg writer continued:
“He has over a billion dollars in debt hanging over his current real estate and resort holdings. Some of that comes due fairly soon. He’s personally guaranteed it. He’s feeling the squeeze. He’s selling off other assets, and then lo and behold he gins up this little charade to convince people to plop money on his desk, and they have, and he will probably make out from that OK, but anyone else who thinks they’re going to stick around this project for anything longer than 15 minutes and make money should have their heads examined, I think.”
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Todd Neikirk is a New Jersey-based politics and technology writer. His work has been featured in psfk.com, foxsports.com, and PoliticusUSA. An avid pet lover, he has been known to contribute to Pet Lifestyles Magazine. He enjoys sports, politics, technology, and spending time at the shore with his family.