Donald Trump's Return to X: A Win for Elon Musk and a Potential Shift in the Social Media Landscape

In a move that underscores the evolving dynamics of social media and politics, former U.S. President Donald J. Trump made a highly anticipated return to X, the platform formerly known as Twitter. This return marks a significant moment for Elon Musk, the current owner of X, who had been actively encouraging Trump to reengage with the platform since reinstating his account in 2022.
Trump’s Campaign Message on X
Trump’s return to X was marked by the release of a campaign video in which he addressed his followers directly, reiterating his ongoing narrative of being targeted by his political adversaries. In the video, he stated, "They want to silence me because I will never let them silence you. They’re not coming after me. They’re coming after you." This message is consistent with Trump’s long-standing rhetoric of positioning himself as a defender of the American people against what he perceives as a corrupt and oppressive establishment.
The timing of Trump’s return was strategic, coming just before a scheduled interview with Musk on X's livestreaming feature, Spaces. The interview, set for 8 p.m. Eastern Time on Monday, was highly anticipated and further solidified the growing rapport between Trump and Musk. Following the video, Trump continued to post on the platform, including a pointed question to his followers: “Are you better off now than you were when I was president? Our economy is shattered. Our border has been erased. We’re a nation in decline.” These posts signal that Trump intends to use X as a central tool in his political messaging once again, just as he did during his presidency.
The Impact on X and Truth Social
Trump's reentry into the X platform is more than just a political maneuver; it could significantly impact the social media landscape. X has been facing stiff competition from a surge of new social media platforms, including Truth Social, which was founded by Trump himself. Truth Social was intended as a space where Trump could communicate with his followers without the risk of being banned or censored, as he was on Twitter in January 2021 following the Capitol riot.
Since Musk acquired X in 2022, the platform has struggled with several challenges, including skepticism from advertisers and a lawsuit Musk filed against a prominent advertising coalition. By bringing Trump back into the fold, Musk hopes to revive interest in the platform, particularly among political advertisers who were drawn to Trump's frequent and provocative posts during his time in office.
During his presidency, Trump was an exceptionally active user of Twitter, using the platform as his primary means of communication with the public. He issued policy announcements, attacked political opponents, and rallied his base through his tweets, which often garnered significant media attention. At the height of his activity, Trump was posting around nine times a day, a frequency that only increased as his presidency progressed. This level of engagement made his account one of the most followed and influential on the platform, with 88 million followers at the time of his ban.
The Ban and Its Aftermath
Trump’s ban from Twitter in 2021 was a watershed moment in the history of social media. The platform’s decision to suspend his account came in the wake of the January 6th Capitol riot, which saw a mob of Trump supporters attempt to overturn the certification of the 2020 presidential election results. Twitter, along with other major social media platforms, determined that Trump’s posts had incited violence, leading to his account being permanently suspended.
The ban sparked a broader debate about the power of social media companies to regulate speech and the role these platforms play in shaping public discourse. For Trump, the ban was a significant blow, as he had relied heavily on Twitter to communicate directly with his supporters and bypass traditional media channels.
In response to his ban, Trump launched Truth Social, a social media platform designed to provide an uncensored space for free speech, particularly for conservative voices. Since its inception, Truth Social has garnered a dedicated following, with Trump amassing 7 million followers on the platform. However, Truth Social has not been able to replicate the broad reach and influence that Trump once enjoyed on Twitter.
The Business Implications
Trump’s return to X has also had immediate financial implications. On the day of his return, shares in Trump Media & Technology Group, the parent company of Truth Social, opened lower and fell by more than 4 percent. This drop in value reflects investor concerns about the future of Truth Social if Trump decides to focus more of his attention on X, where he can potentially reach a much larger audience.
Trump’s ownership stake in Trump Media & Technology Group is significant, standing at 60 percent. However, he is contractually obligated to post on Truth Social before sharing content on other platforms, with exceptions made for posts related to his political campaign. This obligation has not deterred him from reengaging with X, but it does add a layer of complexity to his social media strategy.
Furthermore, a critical date looms for Trump Media & Technology Group: September 19. On this date, a six-month lockup period for corporate insiders will expire, allowing Trump and other insiders to begin selling their shares. This development could lead to significant changes in the ownership structure of the company and potentially impact the direction of Truth Social.
Trump and Musk: A Growing Alliance
The relationship between Trump and Musk has evolved in recent months, with the two men reportedly speaking regularly about politics. Musk, who has become an increasingly influential figure in political circles, formally endorsed Trump last month. This endorsement came shortly after an assassination attempt on Trump, highlighting the high stakes of the current political climate.
Musk’s support for Trump is not limited to endorsements. He has also thrown his weight behind Senator JD Vance, a Republican from Ohio whom Trump selected as his running mate. This growing alliance between Trump and Musk could have far-reaching implications, both for the 2024 presidential race and for the broader intersection of technology and politics.