Donald Trump had spent quite a bit of time promoting Truth Social,
the so called Twitter alternative for conservatives.
But now it turns out that the app has kind of been flailing, it's been released
officially and it seems like even Trump himself has no interest in it.
So did Trump have a change of plans or was Truth Social a scam all along and
we'll get to that last question in just a bit.
But first here are the details on how Truth Social is really doing.
Installs of Truth Social on the apple app store this month have fallen to
about 60,000 per week, based on early estimates.
This is down 93% from its launch week when it saw 872,000 installs
during the week of February 21st, according to Stephanie Chan,
mobile insights strategist at Senior Tower, she told this to TheWrap.
Now the same week, Truth Social saw 60,000 installs,
Gettr saw an estimated 23,000.
Another conservative social media platform Parler received around 5,000 installs that
week, wow, they're doing real well.
However, to catch up with either of those platforms,
Truth Social has a long way to go.
And those most recent download numbers aren't matching the growth numbers
that Parler and Gettr saw at the same point in either platform's lifespan.
So long story short, I mean it seems like there's very little interest
in Truth Social, not only from ordinary people,
conservatives who are of course the target demo here.
But even from trump himself now compare Truth Social's,
total downloads to other platforms.
We estimate that Truth Social has so
far reached approximately 1.2 million installs since its launch.
Well if you wanna compare that to Twitter, Twitter apparently in quarter
three of 2021 had 211 million monetizable daily active users.
Which makes me very depressed because I actually would love to see twitter fail.
There are many other users on the platform by the way that are not monetizable.
So the 211 million are strictly those who are able to monetize, right.
So there are many more and
we're comparing that to True Social that only has about 1.2 million installs.
And so it looks like Trump has failed so
far in creating a real alternative to twitter.
>> You know what I love about this is that I think every one of us already predicted
even before the thing launched, we all knew this was going to fail.
What none of us could have predicted was that less than a month and a half later,
it was virtually dead.
I mean the whole thing is a ghost town at this point last I had seen and
maybe it's changed within the last three or four days.
But last I had seen Trump hasn't used it.
He sent out one message before it launched, but
since the launch since February 21, from what I've seen.
He hasn't sent out a single thing to the point where last
night Eric Trump had to get on Twitter to tell people,
hey I'm going live on Truth Social come join the party.
And I don't know if anybody actually went over there, I can't get on
Truth Social because there's still like a waiting list for some reason I mean.
>> Are you reason you serious?
>> Yeah. >> There's a waiting list?
>> Yeah there's like allegedly about 300,000 people still on the wait
list to be able to get through onto Truth Social and I don't even understand.
Look, I've worked at websites, I have helped launch websites and media projects.
Never once have I seen a wait list like I don't understand.
Do you not have enough bandwidth,
do you need to buy another server to have more people use your platform?
Why, how is there even a wait list to get on a website?
But it is what it is.
>> Who's running this like you have to be on a wait list to join [INAUDIBLE] social.
It's very explosive, okay, It's like the so the Soho house but
even better of social media like it's barriers to entry.
Not a good idea if you're trying to build a platform that's meant to
be a competitor and an alternative to Twitter like what do they think?
I love how much they fail, it's so good.
We have to bask in their failure because it's hilarious.
>> Well and the best thing too is that let's not forget Truth Social was
supposed to be the beginning of this whole Donald Trump media empire
that he is supposed to be creating.
He had mentioned that they might get into television, video production,
things like that and when you can't even launch a successful app.
Because you don't even have faith in it that you won't even use it.
That doesn't bode well for the rest of the project and
it could possibly be harder for them to get the money to do it.
But I will say this to about Trump not even using the site.
Well, we know he has things to say, he either sends them out via those statements
like he did when he got the hole in one this week.
He sends emails to reporters several times a week.
He has Liz Harrington sharing them on Twitter, he has lots to say, but
even he is like, I don't want to use Truth Social,
I'd rather have people actually hear what I have to say.
>> Maybe he's still on the waiting list, who knows [LAUGH] so good, I love it.
No, but there's, another angle to this and I wanna be upfront and honest
with you guys in that, I'm not entirely sure that this was a full blown scam.
But remember when news broke about Truth Social, there were a lot of stories
associated to it that had to do with what's referred to as an SPAC.
So it's a form of investing into these types of companies.
A lot of money poured into it from what I understand and I am speculating
that this could have just been a money grab some sort of scam all along.
So let me give you those details and you guys can judge for yourself.
So Truth Social is part of Trump Media and Technology Group which
announced an SPAC merger with Digital World Acquisition in 2021.
Now the news of this SPAC merger was well received by
the market with shares of the SPAC going as high as $175 and
turning into one of the best IPO performers in 2021.
So the Digital World Acquisition Corp is actually a publicly traded stock, right.
So let's take a look at how the stock ended up performing after the merger
with Trump's Media and Technology Group.
So where you see that spike at the beginning of the graph is where the merger
happened.
And so you can see the value of the shares just like shoot up.
But those of you who think maybe this is a good opportunity to buy a stock that seems
to be performing really well.
I would definitely caution against that, the problem is that DWAC.
Is trading at an absurd valuation and
its stock is highly likely to tank in the coming months.
This is not the right market in which to speculate on an impossible to value
stock with no earnings scant revenue, uncertain prospects.
And buyers solely focused on the company's celebrity appeal.
In fact, investors in the PIPE (private investment in public
equity) have agreed to buy one million in DWAC shares free to sell immediately.
This is the important part when the deal closes,
when PIPE deal hands, these preferred investors a minimum
a 40% discount to the market price with no lock up agreement.
So this ought to give pause to any buyer of free trading stocks.
So the point is these individuals were able to buy the shares at a significant
discount.
Very likely they're gonna cash out just as other
investors who didn't get a discount and
they'll get screwed over once the stock value crashes.
That could happen it seems like there's this money grab happening
right now with this merger and how the shares are performing as we speak.
But I mean if if the shares are based on the merger with this Trump company that's
of course part of this like failing social media platform.
Obviously it's not a good idea to invest in this like I would not invest in this
stock, I mean I wouldn't invest in it even if I knew it was gonna perform well.
Because I wouldn't wanna support this garbage, but
if you're only looking out to make a profit, this is not the way to go.
>> And you know who did dump some money into that though, right, Marjorie,
Taylor Greene.
>> I love it.
Yep, she she put in tens of thousands of dollars and
by estimates based on when she bought in to what it's valued at now, she's lost.
I think anywhere between seven and $10,000 on this stock.
So that's a little bit of icing on the cake there.
Not to mention, she's lost I think her entire salary because of mask fines.
So anytime she loses money it's it's a great story.
I know she's a multimillionaire because her parents
started a successful business that they gave to her.
But yeah, so she's not doing so well.
I don't care about her money.
I do worry of course people are getting screwed on this, right?
They bought in when it was at this high price and
as you showed in the little chart there like just kind of goes down,
goes down a little bit up a little bit up, way down again.
It was at 175 I think the latest I saw it was about $70,
that's a lot of money people have already lost.
And yeah, it looks like it's going to get much worse.
>> Well maybe it's a bad idea to put your faith behind a guy who has gone
bankrupt six times, who has scammed his own supporters multiple times.
I mean this is who Trump is none of it surprises me.
So if you really take a step back and
look at the real purpose of what's going on with this whole Truth Social thing.
I mean he can't even fake it to do the scam appropriately right in
order to really carry out the scam.
You got to at least pretend you believe in what you're pushing and
he can't even get himself to do that.
You know why? Because he gets away with the scams all
the time and people just take what he says at face value,
his supporters just trust him.
They believe him.
And even idiots like Marjorie, Taylor Greene just follow everything he says.
I love hearing that she's losing money.
>> Yeah.
>> I wonder how mama and papa feel about that.
Since it's very unlikely it's her own money, but it is what it is.
I would love to hear it.