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Trump's social media "truth social" faces financial crisis

  • joy
  • 2022-08-29 14:45:42
  • 217 read
  After former US President Trump was blacklisted by Twitter in January last year, he subsequently launched a h...

  After former US President Trump was blacklisted by Twitter in January last year, he subsequently launched a high-profile social platform called "Truth Social". However, the US "Washington Post" reported on the 27th that the platform is facing a financial crisis due to payment disputes and a shrinking audience.

Trump.  Data mapTrump. Data map

  Relevant documents show that 6 months after the launch of Truth Social, there is still no reliable source of income, and there are problems in the development of the platform. The American Digital World Acquisition Group had planned to help the media technology startup go public, but the company recently warned that if Trump's popularity continued to decline in the context of events such as the FBI raid on Trump's Mar-a-Lago Or a scandal that further damages its credibility, the related business will be negatively affected. Shares in Digital World Acquisition Group have fallen nearly 75 percent since their March peak, with a loss of $6.5 million in the first half of the year.

  In fact, the search of Trump’s Mar-a-Lago once caused a surge in “truth social” user activity, but this growth did not last long. According to Fox Business, the company owned by Truth Social stopped paying its web hosting service in March and owes it more than $1 million so far. As financial and technical problems worsened, Truth Social was in trouble. The Digital World Acquisition Group said the company may never have any operating income or become profitable.

  The Digital World Acquisition Group said in a filing that TRUTH needs millions of active users to be commercially successful, but Trump has fewer than 4 million followers on the platform, let alone active users. In addition, the trending topic in recent days has only been followed by a few thousand people. By comparison, Twitter has about 37 million daily active followers in the United States. At present, "Truth Social" has become a platform for Trump supporters to discuss and vent their anger. While the platform was criticized for issues such as fake accounts and technical glitches when it first launched in February, that was the peak of its popularity, the report said.


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