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Truth Social is a social media platform launched in 2022 by Trump Media & Technology Group (TMTG). It was founded by former U.S. President Donald Trump as an alternative to mainstream social media platforms like Twitter (now X) and Facebook, which had previously banned or restricted his accounts.
PM Modi Debuts On Truth Social
A day after US President Donald Trump shared Prime Minister Narendra Modi’s podcast with Lex Fridman on Truth Social, PM Modi on Monday, March 17 made his surprising debut on the Trump-owned social media platform.
“Delighted to be on Truth Social! Looking forward to interacting with all the passionate voices here and engaging in meaningful conversations in the times to come,” PM Modi’s first post read.
Who Owns Truth Social?
1. Trump Media & Technology Group (TMTG)
Truth Social is owned by Trump Media & Technology Group (TMTG), a company established by Donald Trump in 2021.
TMTG was created to provide a “free speech” platform for users who felt censored on major social media networks.
2. Donald Trump’s Stake
Donald Trump is the majority owner of TMTG.
Reports suggest that he holds a controlling stake of approximately 58% in the company.
3. Digital World Acquisition Corp. (DWAC) – The SPAC Merger
Digital World Acquisition Corp. (DWAC), a special purpose acquisition company (SPAC), played a key role in taking TMTG public.
SPACs are “blank check” companies designed to help private businesses go public without a traditional initial public offering (IPO).
In March 2024, shareholders approved the $5.7 billion merger between TMTG and DWAC, effectively making TMTG (and Truth Social) a publicly traded company under DJT (Donald J. Trump’s initials) on the Nasdaq stock exchange.
4. Other Investors and Shareholders
Several institutional investors and individual backers have stakes in TMTG.
Retail investors have also shown interest in the stock since it became publicly traded.
The Trump family and close associates likely retain a significant portion of shares in the company.
Financial Performance & Challenges
Stock Volatility: The stock of TMTG (DJT) has experienced fluctuations due to political and market factors.
Revenue Challenges: Truth Social has struggled with monetization and advertising revenue compared to major competitors.
Legal Issues: The SPAC merger with DWAC faced regulatory scrutiny from the SEC over potential financial misrepresentations.
Truth Social’s Mission and Future Plans
The platform promotes free speech and is marketed as an alternative to mainstream social networks.
TMTG has explored expanding beyond social media into video streaming and other digital content.
Trump’s political influence plays a significant role in Truth Social’s user engagement and popularity.
Truth Social is primarily owned by Donald Trump through his stake in Trump Media & Technology Group (TMTG). The platform became publicly traded in March 2024 after merging with Digital World Acquisition Corp. (DWAC).
While Trump holds a majority stake, other investors and shareholders now have ownership in the company as well.
ALSO READ: PM Modi Debuts On Trump’s Truth Social: ‘Looking Forward To Interacting With All Passionate Voices’
