Truth Social Struggles to Become the Next GameStop Despite Memes

Truth Social’s Struggle to Attract Investors

The company behind Truth Social, a social media platform backed by former U.S. President Donald Trump, has been attempting to rally support from retail investors who previously boosted companies like GameStop in 2021. However, their efforts have not yielded significant success thus far.

Retail Investors Dominate Truth Social’s Stock Ownership

In contrast to other social media companies, Truth Social has not disclosed its user base. Previously, the company stated that a mere 9 million individuals had registered for the site, a figure that pales in comparison to the over 200 million daily active users on Twitter. Interestingly, Trump himself has amassed 4.8 million followers on Truth Social.

Lack of Unique Features on Truth Social

Truth Social’s primary distinguishing characteristic is that it serves as the platform where Trump currently shares his posts. Unsurprisingly, the site has become a hub for numerous posts discussing various conspiracy theories, ranging from QAnon to stolen elections and deep state plots. However, the platform does not offer any genuinely unique features.

Plans to Combine Features from Other Social Networks

In a recent interview with right-wing activist Charlie Kirk, Truth Social CEO and former Republican U.S. Representative Devin Nunes revealed the company’s plans to integrate features from other social networks. Nunes stated:

“We’re trying to take the best of all platforms and put it into one, whether it be Twitter, Instagram, TikTok, et cetera.”

Compliance with App Store Terms of Service

To maintain its presence in Apple’s and Google’s app stores, Truth Social must adhere to their respective terms of service. However, Nunes asserts that Truth Social does not rely on any “woke companies,” drawing a comparison to Parler, another social media platform that was removed from Apple’s and Google’s mobile app stores following the January 6 riot at the Capitol.

Investing in Constitutional Rights

Nunes portrays investing in Truth Social as a unique opportunity, stating:

“It’s kind of an interesting investment, because you’re really investing in your constitutional rights. We’re the only company out there that can’t be shut down by woke companies.”