Despite the high-profile nature of the ongoing Trump trial and the looming U.S. presidential election, Truth Social, the social network backed by former President Donald Trump, is experiencing a decline in user engagement. Recent data from Similarweb indicates that the platform’s daily active users on iOS and Android in the U.S. have decreased by 19% year-over-year as of April. This decline occurred even as the platform’s visibility increased due to current political events, suggesting challenges in attracting and retaining users.

Financial and User Growth Challenges

Truth Social’s struggle to increase its user base is particularly significant given the nature of social media businesses, which rely heavily on growing and monetizing user engagement. Matthew Kennedy, a senior initial public offering strategist at Renaissance Capital, notes that the growth of users is essential for revenue generation through advertising. Unfortunately, Truth Social’s performance in this area is lagging, even as the company, under the ticker symbol DJT, boasts a valuation north of $9 billion, largely due to its association with Trump and speculative investor interest.

Comparison with Other Platforms and Future Prospects

In comparison to other social media platforms, Truth Social’s decline in user numbers is more pronounced. For instance, while platforms like X (formerly Twitter) and Threads have shown fluctuating user metrics, Truth Social’s reduction in web traffic and app usage is steeper. The platform faces stiff competition from other networks and must overcome significant challenges to convince potential users of its value, especially those concerned with censorship on larger tech platforms. As the political climate heats up, the platform’s ability to capitalize on its niche market while maintaining a viable business model remains uncertain.