Trump weighs in on Facebook’s financial troubles
Why is Facebook in trouble? Clearly, it’s not that the site itself sucksor that the pivot of its parent company Meta towards the “metaverse” positions its future on a buzzwordor even what it is raenough scandals that it spends more money on lobbyists than Exxon or Phillip Morris.
No, just ask Donald Trump, Donny T, the big man himself, the nation’s hottest aspiring tech CEO: It’s because Trump Media & Technology Group’s social media network, Truth Social, is already kicking his ass. . We already have regret sender you this typically inconsistent statement issued by his spokesperson on Twitter today:
Facebook’s daily user count plunged for the first time in Facebook’s history. It means people are tired of fake news and abuse and especially tired of their political shenanigans. It could also be that people are waiting for TRUTH, the highly sophisticated platform that we look forward to opening in the not too distant future. It is time to straighten out what is happening in our country!
Facebook reported fewer daily active users for the first time in its history on Wednesday. This is not a good sign for the company, because not only is it a strong indication that Facebook has finally reached a point of full market saturation with diminishing opportunities for future growth, but it’s bringing in less revenue because it’s focused on the metaverse. The result was a 26% drop in stocks that erased $232 billion from Meta’s value on Wednesday –worst one-day performance in stock market history on an absolute basis.
Unfortunately for the Trump Technology and Media Group, the developers of Truth Social, these user losses were greatest in Africa, Latin America and Asia. There’s also every reason to suspect that Facebook’s diminishing returns in the US and Europe are tied to the tendency of younger users to treat it like a quarantine area for their parents.
We’ll leave it to you to decide whether teenagers and people from other continents really preemptively delete their accounts in eagerly impatient from Truth Social, a site that does not yet exist, and whose most popular demographic group will likely be aging white conservatives who shoot steam in their ears every time Fox News brings up Bette Midler.
He’s a guy who thinks AT&T ditched far-right news network OAN because he was just too popular, so whatever. That Trump is now referring to the launch date of Truth Social in increasingly vague terms (“not too distant future”) rather than specifics (before it was February 21) should come as no surprise to anyone who has lived at some point in, say, the past four decades.
In one followed declaration On Friday, Trump raved about Facebook’s decision to ban anti-vax ‘Freedom Convoy’ truckers Ottawa street traffic jam and invited them to Truth Social. So that’s good news for the virus, we guess.