Social media platform Truth Social is one of the few places left for former President Donald Trump to share his thoughts and opinions.
Here’s a look at how the company could soon be expanding its reach.
What Happened: The social media platform Truth Social announced Wednesday it is now available for pre-order in the Google Play Store. Those who have phones, tablets and other devices that operate on the Android operating system, a unit of Alphabet Inc. GOOGGOOGL, will be able to pre-order the app here.
“Trump Media & Technology Group announced today that an Android App for its free-speech social media platform, Truth Social, is now available for U.S. based users to pre-order in the Google Play Store,” a press release reads.
Trump Media & Technology Group announced a SPAC merger with Digital World Acquisition Corp DWAC in 2021.
Why It’s Important: In the aftermath of the Jan 6. riot on the U.S. Capitol, social media companies — Twitter Inc. TWTR and Meta Platforms Inc. META — banned Trump’s accounts on their platforms, citing a violation of their policies.
Google-owned YouTube also banned Trump. As a result, he has a limited number of places where he can share his thoughts and opinions with the public.
Truth Social saw strong success out of the gates when it was publicly released on the iOS store from Apple Inc AAPL.
Tesla Inc. TSLA CEO Elon Musk even pointed to Truth Social downloads topping Twitter earlier this year.
However, downloads of Truth Social fell sharply after the first week it was available on iOS, Benzinga reported. Technology issues and a long waiting list of people unable to get into the app could be reasons why some gave up on the platform early.
After not posting on Truth Social for months, Trump put out a "Truth" in April stating “I’M BACK,” which led to a spike in Digital World Acquisition shares.
Truth Social has attracted usage by those banned from other social media platforms, including Twitter and YouTube. The platform has other politicians on it and could become an increasingly large network ahead of the election season with Trump exploring a potential run for president in the 2024 election.
A Twitter buyout by Musk could lead to a more open approach and fewer user bans, which could hurt Truth Social in the future. Musk said he would unban Trump, but the former president said he wouldn't return.
Trump could still maintain ownership of the company if he runs for public office, according to a filing for the SPAC merger.
“The company’s principal ownership and position in the company shall be structured in such a way as to eliminate the need for restructuring of ownership or changes in position were a material disruptive event to occur,” the filing said.
The filing listed running for public office or being convicted of a felony criminal offense as material disruptive event examples.
Digital World Acquisition was the top performing IPO of 2021 and saw shares hit $175 last year.
Shares of the SPAC have fallen in 2022 with calls that the SPAC merger will not be approved.
Truth Social could see an improvement in its user figures with the addition of Android, something that could make shares volatile once again.
DWAC Price Action: Digital World Acquisition shares are up 3% to $31.85 on Thursday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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