Trump’s Shrinking Engagement on Truth Social Bodes Ill for Digital World Shares

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Trump's X-like echo chamber of sorts, the Truth Social platform, is not living up to the expectations of the former US President, as per an exhaustive analysis conducted by Axios. This situation, characterized by user engagement that appears in terminal decline, does not bode well for the future prospects of the SPAC Digital World, which is slated to take the Trump Media and Technology Group (TMTG) public in 2024.

For the benefit of those who might not be aware, the former US President owns around 90 percent of the Trump Media and Technology Group, the entity behind the Truth Social app. Initially, Digital World had valued TMTG at around $875 million. However, back in April, the 2024 Republican Presidential frontrunner had marked down the worth of his TMTG stake to between $5 million and $25 million.

TMTG's Truth Social app uses a Soapbox frontend and a customized, open-source version of Mastodon at its backend. As per an analysis by Axios that leverages data sourced from the Trump Twitter Archive, the former US President's original tweets (or X posts after Elon Musk's rebranding) attracted an average of 206,000 likes in November 2020. In contrast, Trump's likes per post on Truth Social averaged just around 24,000 in November 2022 and a paltry 18,000 in November 2023. This declining trend of activity does not engender much confidence in Digital World's bullish thesis, especially as Truth Social's entire raison d'être has been largely nullified ever since Elon Musk unbanned Donald Trump on X in late 2022. 

Trump currently faces charges in four criminal cases. What's more, Digital World