Donald Trump’s social media platform, Truth Social, is losing value as he returns to posting on X, formerly known as Twitter.
On Monday, Trump posted a campaign video and other messages on X, including one promoting an upcoming interview with X’s CEO, Elon Musk.
“It will be the interview of the century,” he wrote.
The interview with Elon Musk and Donald Trump faced many technical problems and started very late. However, Trump’s decision to start posting on a competing platform will probably not help the financial situation of his own social media platform, Truth Social.
From April to June this year, Trump Media & Technology, the company that owns Truth Social, lost over $16 million. The shares of the company dropped to $24.60 on Monday, which was their lowest price in months, according to The New Republic.
On Tuesday morning, the shares had fallen even further to $23.37. In 2022, the shares were once valued at more than $97 each.
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There was a hope among investors that the 2024 election would improve the situation for Truth Social, but the company has been struggling since it started.
In the first quarter of this year, Trump Media & Technology lost more than $300 million and made only $770,500 in revenue, as reported by The Guardian.
In addition to a decrease in value, Truth Social is also losing its users. When it started in February 2022, it had about 3.26 million users.
In June of this year, this number had dropped to 2.11 million, which is a decrease of 38%, according to The Guardian.
“The diminishing audience levels for Truth Social suggest a rejection of the harsh rhetoric expressed by the ex-president and his political allies that is one of the hallmarks of the two-year-old platform,” a rightwing media analyst, Howard Polskin, told The Guardian.
“If this softness persists, it might portend trouble for Mr. Trump at the ballot box in November,” he added.
