Trump’s social media company is not doing it, and from the data released so far, it does seem this may not be Trump’s thing: “Trump Media and Technology Group (TMTG), the company affiliated with former U.S. President Donald Trump and operator of Truth Social, has disclosed its financial results for the first quarter of 2024. The company reported $770,500 in revenue alongside a staggering net loss of $327.6 million.”
Yes, one of the biggest challenges in business is to be popular and yet be disposable. Yes, Truth Social could be popular to MAGA conservatives but it is also disposable because MAGA conservatives can dispose of it since they want to make more money, by reaching more markets on Facebook, LinkedIn, Twitter and others.
In other words, you cannot tell me that MAGA billionaires are not advertising on the web, and spending $millions, and despite that, Truth Social is getting just $771k in three months. So, it is now business and everyone clears his or her eyes. Indeed, Truth Social must make a compelling business sense for them to drop that money. Otherwise, they will stay at the knowns even though they may not like them.
Tekedia Mini-MBA edition 15 (Sept 9 – Dec 7, 2024) has started registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
“Mister, I know we are not friends, but this is business. Let us do business and after the process, we can reactivate the un-friendliness”, he said, and you might have heard such from traders in open markets, where “enemies” do business. Lol . “I am not happy that my money is going to this woman”. Humans become rational when it comes to money, most times.
For Truth Social to find its future, it must shift equilibrium to itself; activism rarely makes a great business. People will shout and support, but when it comes to their wallets, they magically become rational species!
Trump might have mobilized people to Truth Social, but he must do something more which is adding financial value to make Truth Social a great business. The activism alone will not do it, as advertising users are rational and will look for value propositions before they will advertise in the ecosystem.
Trump Media & Technology Group (TMTG) reports $770,500 revenue and $327.6m net loss in Q1 2024
---
Register for Tekedia Mini-MBA (Sept 9 – Dec 7, 2024), and join Prof Ndubuisi Ekekwe and our global faculty; click here.