Elon Musk will allow Donald Trump Back on Twitter (TWTR) after the former president won a poll by the billionaire who recently bought the social media giant.
Twitter users voted 51.8% to 48.2% to allow Trump back social media platform after tesla (TSLA) The president conducted a poll that began on Friday night and included more than 15 million votes, according to A tweet from Musk.
Trump, who was banned from Twitter after the attack on the US Capitol in January last year, said he has no plans to return to the service and will instead use his own platform, Truth Social, to communicate.
On Saturday, Trump encouraged people on Truth Social to vote in a Twitter poll, though he added, “But don’t worry, we’re not going anywhere.” Trump also said at a meeting of the Republican Jewish Coalition on Saturday that he sees a lot of “problems on Twitter” and plans to stick to his own platform, according to media accounts of the event.
“I don’t see any reason to,” Trump said of returning to Twitter. “Social Truth has taken the place of a lot of people and I don’t see them coming back to Twitter.”
Trump’s reinstatement on Twitter also comes less than a week after the former president officially announced that he would run for re-election in 2024. Musk also recently reinstated the accounts of conservative media personality Jordan Peterson, satirical website Babylon Bee and comedian and Trump critic. Cathy Griffin.
Trump’s decision to return to Twitter or stay away could be decisive for SPAC Digital World Acquisition (SPAC Digital World Acquisition)Nasdaq: DWAC), which introduces his social networking company and the Truth Social app to the public. DWAC shares have been under pressure since Musk first announced plans to acquire Twitter earlier this year out of concern that it would allow Trump to return to the service and return to more than 88 million followers, instead of the 4.57 million he currently has on Truth Social. DWAC shares are down 78% since their highs in early March.
The Twitter news also comes ahead of a vote Tuesday by Digital World Holdings (DWAC) holders to approve a general extension of Trump’s social media postings through the SPAC. DWAC has had to delay voting on an extension six times in recent months because it failed to get enough votes from retail shareholders. The New York Post reported earlier this week that Patrick Orlando, CEO of DWAC, is personally contacting investors with at least 20 stocks to convince them to vote on Tuesday.
It’s unclear what Trump’s return to Twitter means for Facebook’s Meta Platform (META), which banned Trump around the same time last year as Twitter. Facebook confirmed on Wednesday that it has no plans to reinstate Trump’s account, according to a CBS News report.
The video platform Rumble (RUM), which is seen as a conservative alternative to Google (GOOGL), could see some impact if Trump decides to return to Twitter. Rumble, which is run by CEO Chris Pavlovsky, garnered a lot of attention this year after it announced a deal with Trump’s former social media company and his platform, Truth Social.
As for Tesla (TSLA), investors were concerned about Musk’s involvement with Twitter and the amount of time he’s spending trying to re-engineer the social media giant as well as his sale of Tesla shares to fund his $44 billion buyout of Twitter. The potential negative publicity of Musk’s decision to allow Trump back on the platform could hurt Tesla, whose shares are down 21% since Musk formally acquired Twitter late last month.
Tesla (TSLA) was eliminated by Wedbush Securities from its list of best ideas earlier this month due to a Twitter overload.