President Donald Trump’s attempt to beef up income at his money-losing Truth Social platform has been a stunning flop, a new analysis contends.
MS NOW delivered this assessment one day after a new federal lawsuit targeted Trump Media's selling Wall Street traders exclusive access to Truth Social posts for up to $100,000 a month.
“The lawsuit alleges the service offering paying customers sneak peeks of his posts about U.S. policy on war, tariffs and other issues violates the Constitution," the Associated Press reported, "and that official announcements should be made available to everyone at the same time."
MS NOW financial analyst Ron Insana noted the whole matter may be moot because smart financial traders are far too wary of the president’s machinations.
”There's only 6 to 10, apparently, funds that have signed up for this," Insana quipped. “And so it's not really pulling in a lot of money relative to what's being lost at Truth Social.”
Insana also pointed out the embarrassing fact that Truth Social continues to lose hundreds of millions.
“It has not been the most successful effort at social media," Insana said. "I mean, they roughly run revenues that are far lower than the size of their losses and so it's not a great business model.”
Insana argued Trump's efforts to promote the pricy service have largely failed.
"‘Even with the president trying to sell his comments, if you will, for money to hedge funds or quantitative traders in advance of him releasing that information, there's been very little take up,” he said. “And so it just it is not been a successful enterprise from the beginning. And it's not getting any better in any way, shape or form.”
University of Michigan economics professor Betsey Stevenson said she agreed that Trump's plan was a “terrible idea" — especially considering the president's reputation.
“People should be willing to pay a lot for early data," Stevenson said. "Why has this not been successful? I don't know the complete answer, but I think the, you know, the unreliability of President Trump and the way he changes his mind, you know, more frequently than he changes his pants is coming home to roost because people are like, ‘Why would I pay a lot for information that's going to change in an hour or two hours?’”