It's official, Donald Trump is back.
The self- serious profile picture is back. The cover photo is back. He left Washington DC two years ago to live in Mar-a-Lago in Florida.
Two days after the US Capitol building was disrupted by Trump's supporters, he was banned from the social networking site. He said that he wouldn't be going to the Inauguration on January 20.
He was accused of violating the site's rules on promoting misinformation after he disputed the results of the election.
Donald Trump regained his account on November 9 without any preconditions. Musk claimed that the people had voted for Trump to return to the platform and that he was justified in his decision.
Trump's account hasn't changed since the ex-president returned to social media. Trump is not interested in picking up where he left off on the social media platform. Trump said at an event with the Republican Jewish Coalition that he didn't see any reason for it.
He wants to keep posting on Truth Social, the app he founded to keep posting after he was suspended from social media.
It has less to do with his political ambitions than with his business interests. A lot of money is riding on Trump's social media company.
Donald Trump had a habit of using social media. His political speech was loud and clear. He used the account to spread false narratives about his opponents and to besmirch them. It was difficult to imagine Donald Trump without a social media platform.
It was said that Trump had become the main character.
Trump needs a new platform where he can dominate the conversation. One year after he lost his Twitter access, Trump launched Truth Social, an app that looks a lot like the popular messaging service. According to SimilarWeb, Truth Social has 2 million active users. While it has strict rules about what can and can't be posted, it is much less strict when it comes to what can and cannot be posted.
Trump Media & Technology Group is a company founded by Trump and run by a former Republican congressman.
Truth Social is not a big deal. Its small size makes it less competitive with right-wing apps such as Parler, which was recently purchased by the rapper Ye. Donald Trump has less than 5 million followers on the app, compared to his 88 million followers on the social networking site.
The value for Trump is that he can speak directly to his most loyal followers and use a conservative media network to get their attention. Users of Truth Social can get access to Donald Trump's posts just like they used to.
This has allowed Trump to keep in touch with his base, even if he's been largely isolated from the rest of mainstream political discourse on social media. The debacle for the president. He could doom the social media app he founded if he returned to his old account. Why would anyone follow him if he wasn't only posting to Truth Social?
It's bad for Trump to leave Truth Social. TMTG is trying to go public through a blank check corporation. It is a SPAC named DWAC. DWAC has become something of a meme stock due to retail investor enthusiasm about cashing in on the Trump brand.
Multiple government investigations have slowed down DWAC. The Securities and Exchange Commission and the Financial Industry Regulatory Authority are looking into the matter. TrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkia A federal grand jury in Manhattan subpoenaed Truth Social over the same allegations.
The probes are so dangerous that they have delayed the merger of the two companies. According to the financial data company FactSet, 80% of the company's retail shareholders voted to approve an extension until September to complete the deal. The deal was about to expire. A failure to win this vote would endanger the deal and nearly $1 billion of investment allocated by private investors to DWAC should the deal close.
If the deal doesn't go through, investors will be able to withdraw their money from DWAC and a new buyer will have to be found. A major investor pulled $139 million in commitments in September.
There are not many good options left for Trump. Trump's financial interests in Truth Social are at risk if he returns to social media. His promise to investors that he would post all social media material on Truth Social and not repost this on Twitter for a time ahead of the US presidential election could open him up to additional legal liability should he change his mind.
He just wanted to convince people that they should go ahead and close the SPAC deal because it is a textbook securities fraud lawsuit.
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