Twitter’s new owner Elon Musk may be eager to let Donald Trump return to the social media platform, but the former president told Fox News on Friday that he remains loyal to Truth Social.
“I stand on the truth,” Trump told Fox News Digital. “I like it better, I like the way it works. I love Elon, but I’m sticking with Truth,” he said.
Musk closed his deal to buy Twitter on Thursday for $44 billion. He fired senior executives and appointed himself CEO. Musk has pledged to end lifetime bans for users who break the rules on the social media platform.
Trump was banned for life by Twitter last year for his role in the Jan. 6, 2021, uprising. The former president was quick to launch Truth Social with the help of investors, but he only got a fraction of the reach it once had on Twitter.
Trump said he doesn’t believe “Twitter can be successful without me.”
He told Fox Business News he saved “a failed operation” when he joined Twitter before becoming president.
“I made Twitter hot 12 years ago, I made Twitter hot,” Trump said. “And then when they were done, it turned cold, and that’s what happened.”
Trump said the decisions by Twitter, Facebook and other social media companies to “fire” him last year were “one of the worst decisions in business in the last two years.”
It’s likely that Trump has contractually committed to sticking with Truth Social to satisfy those who have invested — and already lost — huge sums of money in the company. It might be difficult for him to switch allegiance now to Twitter.
Trump received about 90% of the shares of Truth Social’s parent company, Trump Media & Technology Group (TMTG), in exchange for the use of his name and another “minor involvement”, the former executive of the company Will Wilkerson, turned whistleblower. , told the Washington Post earlier this month.
Despite the gift, Trump then pressured a co-founder to give additional shares to his wife, Melania Trump, for free, according to Wilkerson, who filed a whistleblower complaint with the Securities and Exchange Commission in August. about various business activities.
Truth Social now faces a bumpy road. Investors are leaving since Truth Social missed a critical deadline to go public.
Digital World Acquisition Corp., the special purpose acquisition company (SPAC) that Truth Social needs to go public, revealed in a Securities and Exchange Commission filing last month that investors gave up $139 million. dollars of commitments on the billion dollars previously announced by the company. Others should follow.
A major web hosting operator said in August that Truth Social owed it about $1.6 million in contract payments, Fox Business reported at the time – an allegation suggesting Truth Social’s finances are in “disarray important,” the network added.
Trump shrugged off news of Truth Social’s struggles.
“I’m really rich,” he posted on Truth Social early last month. “I don’t need financing.”
Yet in the next sentence he asked, “Private company, anyone???” in what could be seen as an invitation to investors.