Truth Social Can’t Meme Its Way to Becoming the Next GameStop
On Reddit and Truth Social, users have been trying to re-create the meme-stock magic for Trump Media and Technology Group—the company behind Truth Social—that boosted companies like GameStop in 2021. So far, they haven’t been too successful.Truth Social, former president Donald Trump’s Twitter copycat, lacks two essential ingredients to the narrative of previous campaigns: underlying fundamentals and the foil of institutional investors. Large hedge funds had shorted GameStop, betting that the price would go down. This time, the stock is owned primarily by retail investors.Unlike other social media companies, the Truth Social doesn’t disclose how many users it has, but has said previously that just 9 million people have signed up for the site, compared with over 3 billion monthly active us...