Not only is Donald Trump's Truth Social losing money at an astonishing pace, it is also shedding users who appear to be abandoning the embattled president, reports CNBC.
Earlier in the week it was reported that Trump Media reported a net loss of nearly $330 million for the first three months of 2024, at a time when the stock was still rising.
As CNBC is reporting, the initial boost in participants using Truth Social after the stock went public has all but been erased since then and his legal woes playing out in a Manhattan courtroom have not convinced more users to sign up for his social media platform to join in his defense.
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According to CNBC's Kevin Breuninger, "Nearly two-and-a-half years after its launch, Truth Social is struggling to hang onto its small U.S. user base," adding, "So far in May, U.S. daily visits to Truth Social have dropped more than 21% from April, and more than 35% compared to March, according to digital intelligence platform Similarweb."
What should be even more alarming for executives of the embattled platform is that Trump — the most prominent user of Truth Social — has been flooding his stream with updates and commentary about his Manhattan hush money trial and it has done nothing to increase engagement, add new users or stem the exodus of previous users.
"The traffic has declined even as Trump — the most prominent Truth Social user and the majority shareholder of its parent company, Trump Media — has saturated the national news with coverage of his criminal trial and White House bid," the report states before adding, "new analyses could be warning signs for Trump Media, whose business depends in large part on growing its user base."
As Similarweb analyst David Carr explained, "If you can’t demonstrate that you have a sizeable, active, engaged, growing audience, I don’t understand how you create a successful ad-supported social media business.”
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