President Donald Trump's Truth Social is shedding users, and its parent company's stock has dropped to a record low as the president continues with his relentless posting that they appear no longer interested in.
Shares of Trump Media & Technology Group have gone down 29 percent over the last month and plunged down to 7.5 percent on Monday, hitting its all-time low of $6.40 before picking up slightly before closing at $6.43, according to The Daily Beast.
Investors are selling off the stock as users flee from the failing social media company.
According to data from digital intelligence company Similarweb, Truth Social had 420,000 daily users in June last year and just averaged 260,000 daily users in September.
The Washington Post reported the decline last week and was accused of being biased by a spokesperson for the social media app’s parent company
A Daily Beast analysis found that Trump shares about 27 posts daily and had 861 posted in May. The report states that the president is posting more as users flee because his average in April was 18 posts daily.
Since abandoning X, even after Elon Musk brought him back to the platform, Trump has used Truth Social to attack his adversaries and make policy announcements. It appears that his exclusive content on the platform is not convincing users to stay.
Its scale has always been small even at its peak compared to the giants of the social media world such as Facebook, which has over 2 billion daily users, and X with about 250 million using it daily.
Trump Media has plans to save its plummeting social media operation by merging its cryptocurrency and gambling initiatives with a nuclear fusion company called TAE Technologies.
The Wall Street Journal reported Friday that shares were already approaching a record low despite hopes that the fusion deal would boost the company's financial standing.
In a controversial and potentially illegal move, Trump offered a $100,000 monthly fee for early access to his Truth Social posts, which has already landed him in another court battle.
The Intercept & Freedom of the Press Foundation filed a lawsuit in August arguing that selling priority access to Trump's announcements is corrupt and unconstitutional. The lawsuit also argues that it violates First and Fifth Amendment protections.
Truth Social launched in February 2022 in response to Trump’s social media ban following the Jan. 6 attack on the Capitol.
Nearly five years later, the president remains its biggest attraction on the platform, but the numbers suggest that his audience is getting bored of his midnight meltdowns and AI slop.
