Donald Trump has been unbanned from Twitter, but why isn’t he returning?
Trump enjoys using Twitter. He asserted in 2017 that he would never have won the presidency without it. “Twitter is great for me because it helps me spread the message. If I didn’t have a reliable method of disseminating the news, I might not be here speaking to you as president now “said Trump.
You might have imagined that Mr Trump would seize the opportunity to rejoin Twitter once its new owner, Elon Musk, reversed the former president’s permanent suspension. He hasn’t yet accepted that offer though. However, why is that the case?
Is it related to Trump’s social media platform ‘Truth Social’?
The only person who can definitively respond to that question is Donald Trump. He has a lot of money to lose from tweeting, that much is certain. The most likely explanation, according to Josh Tucker, a politics professor at New York University, is that it has to do with money (NYU). Following his expulsion from Twitter, Donald Trump founded Truth Social, a rival social media site that remarkably resembles Twitter. You must comprehend the intricate nature of Truth Social’s business structure in order to understand the financial bind Donald Trump is in.
Trump Media & Technology Group (TMTG), the private company that owns Truth Social, declared its intention to merge with a fictitious company trading on the stock exchange called Digital Media last year. DWAC is a Special Purpose Acquisition Company, or SPAC (Spac). SPAC has become popular as a way to quicken the frequently drawn-out process of making a private company public. Simply put, it refers to the combination of two publicly traded companies.
Although the merger between TMTG and DWAC has been approved, it has not yet taken place. Nevertheless, investors continue to pour money into DWAC, all of them betting that the deal will close. Currently, the shell company is worth more than $800 million (£665 million).
Without Donald Trump, it is difficult to see what Truth Social has going for it. He founded the social media company. If he is posting elsewhere, why should even his supporters use the platform? Truth Social is already having trouble gaining users. The platform received eight million visits in September 2022, down from 11.5 million in July, according to analytics company Similar Web. That is minuscule for a social media company.