Trump approached Elon Musk about a potential Truth Social sale - report

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Trump approached Elon Musk about a potential Truth Social sale - report
Credit: © Reuters.

Last summer, former President Donald Trump approached Elon Musk, asking whether he was interested in acquiring Trump's social network, Truth Social, according to a report by the Washington Post on Tuesday.

Despite this conversation, no agreement was reached between the two billionaires. This previously unreported dialogue suggests a closer level of communication between Trump and Musk than previously known, including discussions on various topics related to politics and business, the report states.

Musk and Trump also met earlier this month in Palm Beach, Florida, along with several prominent Republican donors. While the specifics of their discussion remain unclear, Musk later stated on X that he is “not donating money to either candidate for US President.”

The Tesla (NASDAQ: TSLA ) CEO’s online activity has recently shown a tilt towards conservative views, including sharing criticisms similar to those made by Trump about the Biden administration's immigration policies.

At the time of their discussion, Truth Social, owned by Trump's media company, was entangled in a delayed merger process. When asked by The Washington Post about his conversations with Trump, Musk confirmed he has never visited Mar-a-Lago, Trump's estate in Palm Beach.

The Washington Post said Trump Media & Technology Group did not comment on the specifics of the story when approached.

However, Shannon Devine, a spokesperson for Trump Media, said in an email statement, “We heard Trump and Musk were actually discussing buying the Washington Post but they decided it had no value.”

Despite not being active on X, Trump has shown interest in maintaining the value of Truth Social, which he closely monitors. Since leaving office, the former US president has used the platform to share content, including a photo related to charges filed against him in Atlanta for attempting to overturn the 2020 election results in Georgia.

Financially, Trump Media has faced challenges. A disclosure filed by Trump listed his stake in the company as worth between $5 million and $25 million, with less than $200 in income from it. The company's merger partner, Digital World Acquisition Corp. (DWAC), proposed an $18 million settlement to the SEC over charges of misleading investors, adding to the uncertainty around the deal.

But not long ago, the SEC approved Digital World's merger registration, potentially setting the stage for Trump Media to go public, which could significantly alter its financial outlook. Later this month, shareholders are expected to formally endorse the merger through a vote.

However, a lockup clause in the agreement stipulates that Trump must wait six months before he is permitted to sell any shares.

Amidst legal financial pressures, Trump continues to advocate for Musk's purchase of Truth Social as a potential cash infusion, although the ongoing merger and lockup period may complicate such a transaction.

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