After launching his social media platform Truth Social in 2022 in response to his ban from Twitter (now X), Trump seemed determined to build his digital empire. His recent return to X for one 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 inactivity 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 conversation with Musk, plagued by glitches. The conversation became unfocused and repetitive, leaving the audience bewildered and asking, “What did we just listen to?”
This move should come as no surprise to those who invested in it Trump Media & Technology Groupthe company behind Truth Social. The company’s financial reports have been warning of potential risks for some time, especially since a rule allows Trump to share his political messages on any social media platform he wants. This means that Trump can freely use a larger platform like X without worrying about the consequences for his own company or his investors.
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The consequences have been harsh. After Trump returned to X and a disappointing interview with MuskShares of Truth Social, Trump Media & Technology (NASDAQ:DJT) took a big hit, falling to near four-month lows. Trump Media has lost billions in value since its launch. The stock price fell 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 reported losses of almost $16 million for 2023 and high interest expenses.
Despite these worrying figures, Devin Nunes, Trump Media CEO and former member of the US House of Representatives, emphasizes that the company is still “well positioned” because it has no debt and a platform that millions of people use. “Why are we well positioned? Because we have no debt,” Nunes told Fox News. “We’ll come out of this with no debt, a platform that works really well and communicates with millions of people, and we’ll still have $200 million in the bank.”
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However, Nunes did not provide a timeline for when the company could become profitable, leaving investors feeling uncertain and uneasy.
Trump’s recent moves show he is under pressure and may be willing 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 social truth under the bus since he agreed to an interview on X with Musk? originally appeared on Benzinga.com
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