In a fascinating revelation, it has emerged that last summer, Donald Trump, the former President of the United States, approached Elon Musk, the visionary behind companies like SpaceX and Tesla, with a proposition. Trump inquired if Musk had any interest in acquiring Truth Social, Trump’s own social media venture. This information comes from two individuals familiar with their conversation.
This approach towards Musk, who also oversees the social media platform X, did not culminate in an acquisition. However, this dialogue underscores a previously underreported level of communication between the two influential figures. Beyond this, Trump’s advisors have indicated that the pair have engaged in discussions encompassing a range of topics from politics to business ventures.
A notable interaction between Trump and Musk took place earlier this month in Palm Beach, Florida. During this meeting, which also included several prominent Republican donors, the specifics of their discussion were not disclosed. Nevertheless, following media coverage of the meeting, Musk publicly stated on X that he would not be making financial contributions to any presidential candidate.
Musk, recognized as one of the wealthiest individuals globally, has recently been more vocal about his conservative views on X. This includes amplifying unverified claims about the Biden administration’s immigration policies posing a national security threat due to the influx of unvetted immigrants.
At the time of their discussion last summer, Trump’s media company, the owner of Truth Social, was navigating through a protracted merger process. Meanwhile, Musk had acquired X, previously known as Twitter, for a staggering $44 billion in 2022.
When queried by The Washington Post regarding his communication with Trump about Truth Social and other matters, Musk’s response was succinct, noting that he had “never been to Mar-a-Lago,” Trump’s estate in Palm Beach.
Trump Media & Technology Group, when invited by The Post to comment on these revelations, did not address the specifics. Instead, Shannon Devine, a spokesperson for Trump Media, humorously remarked that there were discussions about purchasing The Washington Post but ultimately deemed it devoid of value.
Trump’s campaign spokesperson did not respond to inquiries for comments.
One of the reasons Trump has refrained from posting on X is his desire to preserve and enhance the financial value of Truth Social, a platform he actively promotes. Trump is keen on breaking news on Truth Social to attract more users, often inquiring guests at Mar-a-Lago about their engagement with the platform.
Since leaving office, Trump has made a single post on Twitter, sharing his mug shot from an Atlanta jail where he faced charges related to attempts to overturn the 2020 election results in Georgia.
At the time of their conversation, Trump Media was facing financial uncertainties. In a financial disclosure for his presidential campaign, Trump valued his 90% stake in the company between $5 million and $25 million, with income from it reported as less than $200.
Three months later, Digital World Acquisition Corp., the proposed merger partner for Trump Media, proposed an $18 million settlement to resolve SEC charges of misleading investors, casting further doubt on the merger’s future.
However, the SEC’s recent approval of Digital World’s merger registration with Trump Media could significantly boost the company’s value, potentially offering Trump a financial reprieve amidst legal challenges. Shareholders are set to vote on the merger soon, but Trump would have to wait six months before he could sell any shares due to a lockup agreement.
Despite Musk’s previous criticisms of Truth Social, calling it a “terrible name” and suggesting Trump retire from public life, Trump has highlighted Musk’s past requests for assistance with his subsidized projects. Trump also suggested Musk focus on resolving issues with X, which he implied might be worthless.
Nevertheless, Musk has condemned the decision to ban Trump’s account on X following the Capitol riot on January 6, 2021, and later reinstated Trump’s account.
As Musk’s promotion of conspiracy theories and criticism of liberal causes have led to a decline in users and advertisers on X, he has acknowledged Trump’s knack for garnering attention on social media. Musk recently described “Trump Derangement Syndrome” as a real phenomenon.
Trump continues to suggest to advisors and close associates that Musk should consider purchasing Truth Social, seeing it as a potential financial boon, despite the complexities surrounding the merger and lockup period.
Following recent legal judgments against Trump, which could cost him over $500 million, Trump met with Musk. Trump has also posted a $91 million bond in a defamation suit brought by writer E. Jean Carroll, which he is appealing. In a separate fraud case, Trump faces penalties exceeding $450 million but has yet to disclose how he plans to fund these obligations. Trump’s financial disclosures list numerous high-value assets, but there has been no indication of him selling any prime real estate to cover these costs.
Trump’s legal team has sought more time for him to secure the necessary funds, arguing that even the wealthiest individuals cannot readily access half a billion dollars.
This report includes contributions from Faiz Siddiqui.