Donald Trump's Truth Social platform is facing a difficult period, with declining website traffic coinciding with a steep fall in the share price of its parent company, Trump Media & Technology Group.
The company's shares fell to an intraday low of $6.40 (£4.80) on Monday, 19 October, before closing at $6.43 (£4.82), according to historical market data. The closing price represented a daily decline of around 8 per cent.
Similarweb data reported by The Washington Post showed that Truth Social averaged approximately 260,000 daily users in September, down from a peak of 420,000 in June 2025. That represents a decline of roughly 38 per cent from the peak.
For investors, the figures raise questions about the platform's ability to attract and retain users while its parent company pursues new sources of income. Trump Media has attempted to expand beyond social networking, but its financial results show that finding a commercially successful strategy remains a challenge.
Truth Social Traffic Declines as Trump Media Shares Fall
Truth Social launched after Trump was removed from major social media platforms following the 6 January 2021 attack on the US Capitol. It subsequently became a channel through which he could publish statements, promote policies and communicate directly with supporters.
Trump remains an active user, posting frequently on the platform. However, his continued presence has not prevented the reported decline in traffic. Reports say that the company disputed its assessment, with a spokesperson defending Truth Social's content and accusing the newspaper of bias.
The difference between Trump's personal reach and the platform's overall audience is important. A prominent figure can attract attention to a service without necessarily generating the advertising income, subscriptions or other commercial activity needed to support a business.
Truth Social's reported audience figures therefore raise questions about its ability to turn political visibility into lasting commercial value.
Trump Media reported a net loss of $238.1 million (approximately £178.6 million) for the second quarter of 2026, compared with a loss of about $20 million (£15 million) a year earlier. Reuters reported that the deterioration was driven largely by unrealised losses on digital assets and related holdings.
Trump Media's financial disclosures also identify losses on equity securities and other expenses among the factors affecting its results. Revenue rose to $1.7 million (approximately £1.3 million) from $900,000 (approximately £675,000) over the same period.
Investment-related losses do not necessarily mean that the social network itself generated an equivalent operating loss, and the company has assets beyond its core platform. Nevertheless, the gap between reported revenue and the quarterly net loss illustrates the financial challenges facing the parent business.
Trump Media's Business Pivots Face a Test
The company has explored several routes to diversify its income, including cryptocurrency-related ventures and plans for an online prediction market.
In August, interim chief executive Kevin McGurn said the business would largely abandon its year-long effort to enter several unrelated industries and concentrate more resources on its core social media operations.
'We made the disciplined choice to pivot in order to invest more time and resources in our most important initiatives,' he said, according to the Associated Press.
One project remains particularly ambitious: a proposed all-stock merger with TAE Technologies, a private company developing nuclear fusion technology. Trump Media and TAE filed a registration statement with the US Securities and Exchange Commission on 30 September.
Under the proposed terms, shareholders of Trump Media and TAE Technologies would each own approximately half of the combined company on a fully diluted basis, subject to completion of the transaction.
The deal is intended to give the combined company exposure to fusion energy, power management and related technologies, but it remains a proposed merger rather than a completed transaction.
Trump Media has also launched Truth API, a paid data service designed to provide rapid access to posts from influential Truth Social accounts. The company said in August that it had signed more than 10 customer agreements.
Reuters reported that Democratic senators had raised concerns about the service and called on the SEC to examine potential ethical and market-fairness issues. Trump Media rejected their criticism, arguing that they had mischaracterised the product.
These projects offer possible routes to revenue, but their commercial results will need to be assessed separately from the performance of Truth Social itself. The proposed fusion merger, in particular, would move the company into a capital-intensive industry with a different business model from social media.
For now, the reported audience decline and share-price fall provide investors with reasons to scrutinise the company's strategy. They do not, by themselves, establish that Truth Social is about to close or that Trump Media cannot recover.
Its future will depend on whether its core platform can retain an audience, whether new services generate dependable income and whether its diversification plans deliver results.
