Truth Social will live another day. Actually, it will live until at least September of 2023. The social media app that Trump built was in danger of folding. According to an article in the New York Post, investors decided to give the flagging social media another chance by voting for an infusion of cash. Truth Social is slated to be acquired by Digital World Acquisition Corp, which needs to be completed by September of next year. The company still needs to raise operating funds while DWAC waits for a nod from the SEC for the deal to go through. If the SEC agrees, Truth Social will pick up $1.25 billion.
The Post article said that the vote was a small boon for DWAC’s value. Shares in the company had dropped from $28 to $22 per share after Trump announced his 2024 run. On Tuesday, the stock gained 5.7% to hit $22.73.
Of course, the Donald has been granted a return to Twitter, which as the Post pointed out could be a little problematic for him in the coming campaign. Truth Social is his baby. He owns 90% of the company which has become his voice since Twitter banished him to the social media Phantom Zone. And while he has certainly made use of it, he is preaching to a red-capped choir that already agrees with him. Echo chambers are always good for the ego but they aren’t very useful for engaging people outside of your camp. And chances are, most people who disagree with Trump will not bother to create a Truth Social account. Unless they are planning to do a little trolling. Trump of course has assured his followers that he intends to remain where he is. But It is entirely possible that the allure of Twitter may be too much for him to resist, so we may eventually see him posting on both. However, Trump has a contract with Truth Social mandating that anything he posts there remain exclusively on that platform before going to another. So that places him on the edge of an uncomfortable choice as election season draws nigh. But then again, when isn’t it nigh? In any event, l suspect that you can look forward to a Trump-tweet from #45 or a member of his campaign coming to an account near you, soon.