According to a new report, the “slow-cooking financial disaster” simmering beneath Donald Trump’s Truth Social platform is now “coming to a boil.”
POLITICO’s Jack Shafer reports that the right-wing Twitter knock-off, which lost $6.5 million in its first year, seems “unable to pay its bills.” But worst of all, “the merger plan that would give it a stock market listing and the $1.3 billion it hoped to raise has stalled,” Shafer writes.
Once upon a time, Trump fed his 89 million Twitter followers a several-times-a-day mash of insult, provocation and bombast. But he has attracted only an estimated 3.9 million to his Truth Social account, making him one of the biggest social media flops of the decade. Where did the magic go? Why have Trump’s followers forsaken him? Is Truth Social doomed?
Trump out of office proved to be as boring as Trump in office was disruptive. Everything we’re learning about Trump’s inability to convene a large-scale audience on Truth Social we learned in miniature from the failure of his mid-2021 blog, which he killed after 29 days. Like most media figures, Trump needs the boost of the network effect provided by Twitter (or CNN or Fox News Channel) to build a mass audience. All by his lonesome, he’s just a political carny on a lightly trafficked midway shouting invitations to his freak show.
Read the full report over at POLITICO.