Truth Social, the social media venture led by ex-President Donald Trump, began trading on the Nasdaq composite index in late March. This event offers an investment prospect for individuals interested in supporting his efforts to combat what he perceives as censorship of conservative perspectives by left-leaning entities.
Following the successful merger between Trump Media & Technology Group and Digital World Acquisition Corporation, a special-purpose acquisition company, the social media platform now operates under Trump Media & Technology Group Corp. CEO and former Republican California Representative Devin Nunes remarked that the newly public entity will fervently strive to reclaim the internet from the censorship practices of Big Tech. He emphasized the company’s dedication to offering a secure platform for unrestricted expression, enabling users to counteract efforts to stifle free speech.
Truth Social emerged in the aftermath of the former president’s suspension from Twitter, which was subsequently rescinded when Elon Musk took control of the company. Despite Truth Social’s stated mission to combat censorship, Musk’s company, now rebranded as X, has reportedly complied with around 80% of content removal requests from governments and courts. Musk has drawn criticism for his decisions to reinstate controversial figures on the platform, including Andrew Tate. Tate, an influencer embroiled in legal issues related to rape and sex trafficking allegations in Romania and the UK, not only had his suspension lifted but also had his video interview with Tucker Carlson promoted by Musk.
Although confronted with financial challenges stemming from the outcome of his New York civil fraud trial, which determined that the former president inflated his assets to secure more favorable loan conditions, Trump has ascended to the ranks of the world’s 500 wealthiest individuals following the merger. His net worth purportedly surged by $4 billion, elevating his total fortune to $6.4 billion.
Mainstream media channels have consistently forecasted the decline of Truth Social. Following its transition into a public entity through the merger, CNN highlighted the platform’s multi-billion-dollar valuation as illogical. Despite this, Truth Social’s monthly user base in the US stands at only 494,000, significantly lower than that of X. In February 2024, the user count experienced a 51% decline compared to the previous year.
