According to a report from the Wall Street Journal, should Donald Trump's online platform "TRUTH SOCIAL" launch successfully and grow, there is no law that currently exists that will ban him from running the company as its CEO even if he is re-elected in 2024.
Noting that the stock has soared since it went public, the Journal noted that Trump Media & Technology Group, of which he is the CEO, could be a big player in "a crowded field of right-leaning sites and social networks, thanks to Mr. Trump's prominence and online following."
The Journal report also put to rest any suggestion that the one-term president would have to step away from the company in the event he succeeds in 2024.
According to the Journal's Patience Haggin and Michael Bender, "The deal wouldn't affect Mr. Trump's ability to run for the White House again in 2024 if he chooses. There are no laws preventing Mr. Trump from continuing to run or own businesses while he is a presidential candidate or serves as president, if he were to win another term in the White House."
Writing, "Beyond Truth Social, the company plans to launch a subscription streaming service that would feature entertainment programming, news and podcasts," the report adds, "Mr. Trump kept political allies—and some of his political staff—in the dark about the foundation of the company, people familiar with the matter said. In recent months, his eldest son, Donald Trump Jr. , has taken an active role as a senior adviser to the new project and could have an executive role with the company, they said. The younger Mr. Trump has urged the company to use servers that would make it difficult for political enemies to target, the people said."
A successful launch would allow Trump to work around the traditional media outlets and websites where he has been banned -- like Twitter or Facebook -- without the restraints that led to his banning.
"Mr. Trump had 89 million followers on Twitter, 33 million on Facebook and 24.5 million on Instagram, a unit of Facebook, before his accounts were suspended earlier this year, according to a Trump Media & Technology Group presentation," the Journal report states with Alan Knitowski, CEO of Phunware Inc., an enterprise software company that worked on apps for Trump's 2020 presidential campaign, stating that "Truth Social may find an audience with Americans who believe the leading social-media platforms have overreached in moderating content."
Whether he wins in 2024 or not, a successful launch could slow down his financial woes.
"Mr. Trump's new venture comes as his family business has faced financial troubles, including $400 million in debt due in the next few years. The pandemic has led to a drop-off in business at his hotels and golf resorts," with one social media competitor saying the family "could generate $240 million a year in revenue with minimal content expense," with a subscription plan set at $10 a month.
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