Truth Social Stock Hits All-Time Low as Its Userbase Craters on Trump’s Social Network
In this news:
Key takeaways
- Truth Social shares dropped more than 7.5 percent to reach a new low of $6.40.
- Daily user traffic on the social network cratered by over 30 percent over the past year.
- Previous pivots into gambling and crypto failed to gain traction for the struggling company.
Donald Trump’s Twitter clone, Truth Social, is in serious trouble.
The company has weathered bad news before, hitting all-time low stock prices on multiple occasions over the past year. But those days now look balmy in comparison, with the social network’s shares sliding more than 7.5 percent on Monday alone and setting a new rock bottom of just $6.40. Zooming out doesn’t paint a prettier picture, either: over the past month, the company’s stock has fallen a stomach-churning 29 percent.
It’s easy to empathize with any investors looking to ditch the company. It never had much of a raison d’être beyond “funnel some money to Trump,” and the president’s declining political fortunes — not to mention looming midterms that are likely to undermine his remaining power — have weakened even that grift-era pitch.
As the Daily Beast reported last week, not even its users are sticking around, with analytics data suggesting that its daily traffic has cratered by more than 30 percent over the past year. For a company that was already posting huge losses every quarter, that’s grim news — and it sounds like the company’s remaining investors may now be seeing the writing on the wall.
As its fortunes have soured, Truth Social has tried a series of eyebrow-raising pivots into gambling and crypto that failed to gain traction. It also moved to merge with a nuclear fusion company and started selling early access to Trump’s messages on the platform, in a move that was widely derided as an attempt to profit off his position as president.
So far, none of those moves have showed any signs of turning around the company’s fortunes. Add it all up, and it’s hard not to wonder whether Truth Social will survive as long as Trump’s second administration.
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