As more social media startups are founded and funded, at least one high-profile politician is looking to join the game: former President Donald Trump.
The Trump-founded social network Truth Social launched on the App Store Monday, jumping to the top of the “most downloaded” list.
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Truth Social was founded after Trump was kicked off mainstream social media platforms including Twitter and Meta after the Jan. 6, 2021, insurrection. Digital World Acquisition Corp, a special-purpose acquisition company that’s expected to merge with Trump Media & Technology Group, saw its share price spike on Monday after Truth Social’s release as well. Despite the popularity, Truth Social’s rollout was reportedly bogged down by app glitches and long waitlists, according to NPR.
While Trump’s social platform isn’t venture-backed, it’s among a growing number of social media companies to form in recent years. Twitter and Facebook are still the dominant players, but startups like Clubhouse and TikTok have gained steam and shifted audiences toward audio and video social experiences. And companies like Gettr and Parler have appealed to more conservative circles because of their more-lax content moderation policies.
VC-backed companies in the social media space raised nearly $5.7 billion in funding last year, more than double the roughly $2.5 billion they raised in 2020, per Crunchbase data. Some of the largest rounds last year went to companies based in India, including Meesho’s $570 million Series F, and ShareChat’s $502 million Series E.
Illustration: Dom Guzman
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