Last summer, former US President Donald Trump attempted to sell his Truth Social platform to Elon Musk amidst serious financial difficulties, as reported by the Washington Post. Despite negotiations, which have remained undisclosed until now, the deal fell through.
Financial Struggles and Platform Evolution
We would like to remind that, in February 2022, Trump launched Truth Social, barely a year after Twitter (now X) banned his account in the aftermath of the Jan. 6, 2021, riots. Truth Social mirrored X with minor alterations such as replacing “tweets” and “retweets” with “truth” and “retruth.” By 2023, financial constraints plagued the platform, failing to garner sufficient advertising revenue for sustainability. Between 2021 and mid-2023, the project incurred a net loss of $31.6 million.
Resurgence and Collaboration
Upon acquiring Twitter, Musk reinstated Trump’s account, though the latter remained relatively inactive, favoring his Truth Social. Additionally, Musk engaged on Facebook after Meta restored his page. Only in February of the current year did Truth Social receive vital financial aid, courtesy of the US Securities and Exchange Commission’s (SEC) approval of the SPAC merger with Digital World Acquisition. This merger aims to facilitate the platform’s public offering, raising the necessary $300 million for its continuity, notes NIXsolutions’ team.
Musk and Trump maintain communication while keeping the nature of their discussions undisclosed. However, Musk clarified on X that he refrains from financially supporting any US presidential candidates.