After launching his social media platform, Truth Social, in 2022 as a response to being banned from Twitter (now X), Trump appeared committed to building his digital empire. However, his recent return to X for an interview with Elon Musk raises serious questions about the future of Truth Social and whether Trump is abandoning his platform to have a bigger megaphone.
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After nearly a year of being inactive on the platform, Trump returned in full force on Monday, flooding the site with a wave of new posts. He followed this up with a two-hour chat with Musk, plagued by glitches. The conversation became unfocused and repetitive, leaving the audience baffled and asking, “What did we just listen to?”
This move shouldn’t be surprising for those who invested in Trump Media & Technology Group, the company behind Truth Social. The company’s financial reports have warned of possible risks for a while, especially because a rule allows Trump to share his political messages on any social media platform he wants. This means Trump can freely use a bigger platform like X without worrying about how it affects his own company or its investors.
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The consequences have been harsh. After Trump returned to X and had a disappointing interview with Musk, Truth Social’s stock, Trump Media & Technology (NASDAQ:DJT), took a big hit, dropping to almost its lowest level in four months. Trump Media has lost billions in value since it first launched. Its stock price dropped from an all-time high of $97.54 to just $23.97 at the time of writing. The company’s financial situation looks bleak, with nearly $16 million in losses reported for 2023 and high-interest expenses.
Despite these worrying figures, Devin Nunes, the CEO of Trump Media and a former U.S. House member, insists that the company is still “well positioned” because it has no debt and a platform millions of people use. “Why are we well positioned? Because we have no debt,” Nunes told Fox News. “We’re coming out of this with no debt, a platform that works really, really well that communicates to millions of people, and then we have $200 million in the bank.”
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However, Nunes didn’t provide any timeline for when the company might become profitable, which leaves investors feeling unsure and uneasy.
Trump’s recent moves show he’s under pressure and perhaps ready to let go of Truth Social to stay in the spotlight for the 2024 presidential race against Kamala Harris.
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This article Is Trump Panicking And Throwing Truth Social Under The Bus Since He Agreed To Interview On X With Musk? originally appeared on Benzinga.com
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