Truth Social faces harsh reality as a public company

Data: Company reports and SimilarWeb; Note: Truth Social's total reflects monthly website visits globally in February 2024, according to SimilarWeb data. It does not reflect app users. Truth Social has not publicly reported the actual metrics; Table: Alice Feng/Axios

SimilarWeb estimates it had 5 million monthly website visits globally in February 2024 and roughly 1 million monthly active app users in the U.S. Facebook had 845 million monthly active users at its IPO in 2012. Twitter , had 215 million when it went public in 2013.For now, Truth is trading like a meme stock, meaning its market value is completely divorced from its financial reality.

Ahead of its launch, the company touted grand plans to start a subscription streaming service and a technology arm that would provide alternatives to internet services like Stripe and Amazon's AWS. Neither of those ideas has materialized.Social media firms haven't always had their financials in order before going public. But their user bases were compelling enough to entice institutional investors for years until they started making real money.

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