Trump Approached Elon Musk About Truth Social Acquisition, Here's How The Proposal Unfolded

Last summer, former President Donald Trump reportedly asked Elon Musk whether the billionaire would entertain the idea of acquiring his social network, Truth Social, as reported by two individuals familiar with the conversation.

Much to Trump's chagrin, the initial approach to Musk, whose expansive business portfolio encompasses Tesla, SpaceX, xAI and social networking site X, did not culminate in a deal. However, this previously unreported conversation sheds light on the level of communication between the two men.

Donald Trump's unexplored conversations with Elon Musk

Trump advisers reveal that the duo engaged in additional discussions on both political and business matters. This revelation suggests Trump and Musk communicated beyond what was initially known. Their discussions included a meeting earlier this month in Palm Beach, Florida.

Trump met with Musk and a few high-powered Republican donors during the abovementioned meeting. While details about the nature of the discussion during that meeting are scarce, it gained attention after being reported by the New York Times.

The meeting reportedly coincided with Trump's search for campaign contributions. In a recent interview on CNBC's SquawkBox, Trump acknowledged that Musk is unlikely to support him due to their "opposing views" on electric cars.

Musk confirmed this speculation on X, stating that he does not intend to donate money to either candidate for US President. Nevertheless, the world's second-richest man hasn't shied away from showing his support for conservative ideology on X.

In a separate X post, Musk echoed Trump's unverified claims that the Biden administration is "importing voters and creating a national security threat from unvetted illegal immigrants." During last summer's conversation, Trump's media company, which owns Truth Social, was entangled in a protracted merger process.

Musk acquired Twitter (now X) in 2022 for $44 (£34.41) billion. When questioned by The Washington Post about the Truth Social call and his other discussions with the former president, Musk simply responded that he had "never been to Mar-a-Lago," Trump's estate in Palm Beach.

Despite The Post's invitation to address any of the facts reported in this story, Trump Media & Technology Group remained mum. Trump Media spokeswoman Shannon Devine, in an email statement, only said, "we heard Trump and Musk were actually discussing buying the Washington Post but they decided it had no value."

Financial turbulence for Trump Media

Trump is reportedly refraining from posting on the Musk-owned platform to retain the financial value of his Truth Social site, which people close to him say, he carefully tracks. After launching the platform back on Feb. 21, 2022, Trump has spared no effort to promote Truth Social.

Trump planned to break news on the platform in a bid to attract more users. Moreover, he has been asking visitors to Mar-a-Lago whether they have an account on the Truth Social site.

Since leaving the Oval Office, Trump has only tweeted once. In his tweet, Trump shared a sombre mug shot taken last year from an Atlanta jail where he was booked on charges related to attempting to overturn the 2020 election results in the state.

During the call last summer, Trump Media was confronting a bleak financial forecast. In April's financial disclosure filing for his presidential candidacy, Trump revealed that his 90 per cent stake in the company was worth between $5 (£3.91) million and $25 (£19.55) million, further noting that his income from it had been less than $200 (£156.38).

Three months later, the proposed merger partner of the company, Digital World Acquisition Corp., revealed that it had proposed an $18 (£14.07) million settlement in the event the merger proceeded, aiming to settle charges by the Securities and Exchange Commission that it had misled investors. This development raised more doubts about the deal's viability at that time.

However, in the past month, the SEC approved Digital World's merger registration, paving the way for Trump Media to transform into a public company potentially worth billions of dollars.