(ConservativeInsider.org) – Truth Social, the social media platform owned by Donald Trump, has fallen by 53% only two weeks after going live. The stock is considered a meme stock, which means it can gain or lose a lot of value quickly through public and societal attention. The Truth Social stock went public on March 25. The following day, the stock price rose by 55%.
Trump had his personal share in Truth Social soar to $3.32 billion after the stock went public in the last week of March. After the latest drop in value, his stock value has dropped to $2.93 billion.
Truth Social was started in early 2022 after Trump was banned from several social media platforms. Trump used Twitter often while he was president, but was permanently banned from the platform in January of 2021. Trump was banned following the January 6 protests at the capital in Washington D.C. Twitter and other platforms cited violations of platform rules and potential “incitement” of violence. That prompted the former president to launch Truth Social as a competing platform.
After Elon Musk bought Twitter and renamed the platform X, he reinstated Donald Trump’s account to the platform. However, Trump has not been posting on the X platform since his reinstatement. Trump said he prefers Truth Social, despite having fewer followers than he does on X. Trump’s Truth Social posts are reposted on X and shared by users on the platform.
A March report from the Washington Post stated that Trump has been in contact with Elon Musk and offered Musk to buy the platform last summer according to two anonymous sources. Trump also stated in an interview on CNBC that he has met with Musk and is not sure if the Tesla CEO will endorse him for the presidency this year.
Truth Social reported more than 5 million monthly visits in February compared to 2 billion on TikTok. Facebook has over 3 billion active users. X reportedly has 556 million active users on the platform.
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