Trump, who loved Twitter, says "Even if the ban is lifted, I will stay on Truth Social"

Former U.S. President Donald Trump [Photo by Reuters]

[Asia Economy Reporter Jeong Hyunjin] News that Elon Musk, CEO of Tesla, agreed to acquire Twitter on the 25th (local time) dealt a direct blow to Truth Social, the social networking service (SNS) platform company of former U.S. President Donald Trump. Trump, who actively used Twitter during his presidency, stated that he will continue to stay on Truth Social.

According to The New York Times (NYT) and others, the stock price of Digital World Acquisition Corp. (DWAC), a special purpose acquisition company (SPAC) planning to merge with the SNS Truth Social operated by former President Trump, closed at $35.71 per share, down a significant 12.9% from the previous day.

Truth Social is an SNS created targeting conservatives after former President Trump was banned from Twitter following his refusal to concede the 2020 presidential election in November 2020. Until October last year, DWAC's stock price soared on news of the planned merger with Truth Social, reaching $97.54 per share last month, but has been declining since reports of Musk's Twitter acquisition emerged.

The reason for this news is the expectation that Musk will lift the ban on former President Trump’s use of Twitter after acquiring the platform, allowing him to return to Twitter. Former President Trump had 88 million Twitter followers and actively used it during his presidency to deliver public messages.

Seemingly aware of this, former President Trump said in an interview with Fox News on the same day, "The response to Truth Social is much better than Twitter," and added, "I will stay on Truth Social and not go to Twitter."

Meanwhile, the Biden administration in the U.S. has officially refrained from commenting on Musk's Twitter acquisition deal, calling it a private transaction, but it is reportedly concerned about the possibility of the ban on former President Trump being lifted. White House Press Secretary Jen Psaki said, "Our concerns are not new," and added, "The President has consistently expressed concerns about the power of SNS platforms, including Twitter, to spread misinformation."