Donald Trump Reportedly Loses $700M Over Failed Social Media Platform ‘TRUTH Social’

Donald Trump

Donald Trump Reportedly Loses $700M Over Failed Social Media Platform ‘TRUTH Social’

Former U.S. President Donald Trump has taken a financial loss due to his social media platform TRUTH Social failing to pay off.

According to RadarOnline, Donald Trump’s fortune dropped by roughly $700 million over the past months, bringing his net worth down from $3.2 billion to $2.5 billion. Reportedly, TRUTH Social has failed to attract users, despite Donald Trump’s promotion of the app and his exclusive usage of the platform for his social media comments/posts.

Donald Trump

Reportedly, TRUTH Social initially gained excitement from Trump’s supporters and fans. However, the app has failed to take off reportedly due to Elon Musk buying Twitter and reversing Trump’s ban. TRUTH Social was expected to have 81 million users by 2026, but has only gathered 5 million to date. Trump still reportedly owns 85 percent of the company.

The app came after the ex-president, 75, was banned from most social media platforms, including; Facebook, Instagram, and Twitter.

If you didn’t know, in 2021 Trump released a statement announcing the creation of Trump Media & Technology Group (TMTG). The press release went on to reveal that Trump plans on developing a new social media platform to “fight back against the Big Tech companies”:

“Trump Media & Technology Group’s mission is to create a rival to the liberal media consortium and fight back against the ‘Big Tech’ companies of Silicon Valley, which have used their unilateral power to silence opposing voices in America. Trump Media & Technology Group (‘TMTG’) will soon be launching a social network, named ‘TRUTH Social.’  TRUTH Social is now available for Pre-Order in the Apple App store.  TRUTH Social plans to begin its Beta Launch for invited guests in November 2021.  A nationwide rollout is expected in the first quarter of 2022.”

The announcement also included a quote citing Trump’s rationale behind developing TRUTH Social:

“I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech. We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced. This is unacceptable. I am excited to send out my first TRUTH on TRUTH Social very soon. TMTG was founded with a mission to give a voice to all. I’m excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech. Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”

Donald Trump

The businessman was banned in 2021 from other social platforms after the Jan. 6th attack on the U.S. Capitol because he was accused of inciting violence with his statements. Later, his ban from Facebook was extended to 2 years.

Trump’s issued ban ended in January of this year in a controversial move. As we previously reported, Meta – the parent company to social media platforms Instagram and Facebook — announced they were officially moving to reinstate the infamous ex-president.

Speaking on their decision, Meta wrote in a blog post shared on their website:

“Social media is rooted in the belief that open debate and the free flow of ideas are important values, especially at a time when they are under threat in many places around the world. As a general rule, we don’t want to get in the way of open, public and democratic debate on Meta’s platforms — especially in the context of elections in democratic societies like the United States….But that does not mean there are no limits to what people can say on our platform.”

They continued:

“Two years ago, we took action in what were extreme and highly unusual circumstances. We indefinitely suspended then-US President Donald Trump’s Facebook and Instagram accounts following his praise for people engaged in violence at the Capitol on January 6, 2021…We imposed a time-bound suspension of two years from the date of the original suspension on January 7, 2021 — an unprecedented length of time for such a suspension. We also clarified the circumstances in which accounts of public figures could be restricted during times of civil unrest and ongoing violence.”

The news of Trump’s social platform seemingly failing comes amid reports that he’s been arrested and facing 34 felony counts of falsifying business records. He pleaded not guilty earlier today (Apr. 4).

What are your thoughts on Donald Trump’s social media platform failing to take off? Tell us in the comments below!