In an attempt to salvage his struggling social platform, former US President Donald Trump last summer offered to sell Truth Social to tech titan Elon Musk, reveals the Washington Post. The previously undisclosed talks didn’t result in any deal.
The Origins and Trials of Truth Social
Trump launched Truth Social in February 2022, slightly over a year after Twitter (now called X) banned him on account of the January 6, 2021, riots. Truth Social, largely similar to X with minor differences such as “truths” and “retruths” published instead of “tweets” and “retweets”. However, by 2023, the platform had exhausted its funds and failed to generate self-sustaining ad revenue. The net loss for the project from 2021 to mid-2023 was $31.6 million.
Trump’s Continued Use of the Platform
Musk, who had bought Twitter and reinstated Trump’s account, remained ignored by the latter, who posted just one tweet and continued to favor his own platform, Truth Social. Trump also made a comeback on Facebook after Meta reinstated his page. Truth Social’s dire need for financial aid was met in February this year when the US Securities and Exchange Commission (SEC) approved its SPAC merger with Digital World Acquisition, which would take the platform public and attract the required $300 million for its continuation.
Musk and Trump’s Ongoing Conversations
Despite their inconclusive talks about Truth Social, Musk and Trump continue to communicate, though they have not disclosed the content of their discussions. However, Musk has clarified via a tweet on X that he “does not donate money to any US presidential candidates.”
This post was last modified on 03/14/2024