After Twitter, Meta Platforms has offered to restore Donald Trump’s social media accounts which it suspended in the aftermath of the 2021 Capitol Hill Violence.
Social media companies including Facebook and Twitter suspended Trump’s accounts after his alleged role in inciting the Capitol Hill violence. There have meanwhile been winds of change and shortly after he took over Twitter, Elon Musk restored Trump’s Twitter account.
Now Meta Platforms has said that it would restore Trump’s Instagram and Facebook accounts in the “coming weeks.” It said, “The public should be able to hear what politicians are saying so they can make informed choices.”
Nick Clegg, Meta’s president of global affairs said, “The suspension was an extraordinary decision taken in extraordinary circumstances.” He however emphasized that a review suggests that Trump’s accounts are now not a risk to public safety.
Clegg meanwhile added that given the past “violations” Trump’s accounts, once restored, would have continued scrutiny and higher penalties for violations.
Here it is worth noting that so far, Trump hasn’t started tweeting on his Twitter account and is instead working to popularize his own Truth Social.
Trump also took a swipe at Meta Platforms and said that the company “lost billions” after banning him.
Here it is worth noting that while Meta Platforms’ metaverse business continues to post losses and lost around $9.4 billion in the first nine months of 2022, Facebook per se is not posting losses.
Meta Offers to Restore Trump Accounts In “Coming Weeks”
Meta Platform’s revenues did however fall YoY in both the second and third quarters of 2022. Both the slowing ad market and a stronger US dollar contributed to the fall in revenues. Its profits also tumbled last year amid spiraling costs, including in the metaverse business which has been a drain on its profits.
Meta Platforms stock has meanwhile rebounded from its lows. JPMorgan upgraded the stock to a buy last year and has listed it as a top 2023 pick. There is a guide on buying Meta Platforms stock.
Coming back to Trump, reacting to Meta Platforms’ offer to restore his accounts, the former president lamented the suspension of his accounts. On Truth Social, he said, “Such a thing should never again happen to a sitting President, or anybody else who is not deserving of retribution!”
Here it is worth noting that officially Trump hasn’t given signs that he intends to join back either Twitter or Facebook. He has instead been working to build Truth Social which is part of his TMTG (Trump Media & Technology Group)
TMTG has announced a merger with Digital World Acquisition Corp. (NYSE: DWAC). The stock has been quite popular among Trump supporters and trades above the SPAC IPO price. There is a guide on buying DWAC stock.
Is Trump Looking to Return to Twitter?
While Trump has said that Trump Social is doing “phenomenally well” the platform’s growth has disappointed. Trump has said that he would run for president in 2024 and has been looking to connect with more voters on social media.
While Trump previously said that he wasn’t keen on joining Twitter, reports say that he might do so. Under his agreement with Truth Social, he has bound to wait for six hours before posting any non-political message on alternate platforms. The agreement between the two parties is up for renewal in June.
Speaking with NBC, an unnamed Republican said, “Trump is probably coming back to Twitter. It’s just a question of how and when.”
They added, “He’s been talking about it for weeks, but Trump speaks for Trump, so it’s anyone’s guess what he’ll do or say or when.”
Twitter is a Challenger to Truth Social
For all practical purposes, Twitter is a challenger for Truth Social. Musk has anyways been warming up to Republicans and restored many banned accounts belonging to conservatives.
Tesla stock however plunged after Musk acquired Twitter. The stock lost 65% last year and had its worst year on record. It has since recouped some losses and trading higher today also after reporting Q4 2022 earnings beat. There is a guide on buying Tesla stock.
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