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The Street
The Street
Vidhi Choudhary,Riley Gutiérrez McDermid

Trump's Twitter Killer No. 1 in App Store as Deal Boosts Interest

Ever since Twitter (TWTR) accepted Tesla (TSLA) and SpaceX Chief Executive Elon Musk's offer to buy it, Musk's tweets about Twitter and social media have become more frequent.

The world's richest man has always been an avid user of Twitter and his digital soiree, now with over 86.6 million followers, continues to hang on his every word.

While the official Musk/Twitter agreement still faces hurdles, it is evident that Twitter continues to dominate Musk's thoughts, and his mind is at work on his most recent $44 billion purchase.

Musk now faces a slew of new financing issues, as Tesla's value has skidded as much as 12% lower, and investors in the electric car company fret about using its shares as collateral for the deal.

Twitter, too, has had a rocky few days in the market, closing at $48.64 on April 27, a drop in valuation that is a far cry from the $54.20 per share offer that Musk has made.

In the meantime, Musk has continued to tweet about Twitter despite a clause in the deal's terms that he not "disparage [Twitter] or any of its Representatives.”

Musk also jumped into a conversation between users who criticized Twitter for what they said was censoring a story published by the New York Post about Hunter Biden's laptop.

“Suspending the Twitter account of a major news organization for publishing a truthful story was obviously incredibly inappropriate,” Musk tweeted.

If the deal falls through, Musk is on the hook for $1 billion in a broken contract fee, and Twitter might go shopping for other suitors.

You can read more about who else might want to buy Twitter here.

One person who says they won't be on any new version of Twitter?

Former President Donald Trump, who said April 25 that he will be sticking to his own Twitter alternative, Truth Social.

Will a Twitter Deal Save Trump's Platform?

Trump launched his own social media venture via a special purpose acquisition company, Digital World Acquisition Corp (DWAC), that went public in October 2021.

Investors who backed Trump's DWAC may now be breathing a sigh of relief, with the tech company's stock leaping dramatically on April 27.

That climb followed a massive spike in the number of users downloading the app.

Shares of DWAC rose a maximum of 28% at its peak on Wednesday and eventually closed the trading day 9.19% higher at $44.55.

The stock's performance has been volatile lately and its value has dropped by 60% in the last two months. 

In a series of tweets, Musk apparently took notice, tweeting about Trump's social media app, Truth Social. 

Trump founded the platform as a Twitter alternative after he suspended from his account for violating usage guidelines during the Jan. 6 riot at the U.S. Capitol.

Truth Social Tops Apple's App Store

The Twitter deal has apparently given that venture new life.

Musk wrote, "Truth Social is currently beating Twitter & TikTok on Apple store," along with a screenshot of the rankings, in which Twitter took the number two spot and Chinese rival TikTok ranked third.

Musk later suggested the name "Trumpet" for Truth Social. 

Backers of Trump's social media brand have had a rocky ride.

Since April 4, the day Musk first revealed a nearly 10% stake in Twitter, Digital World Acquisition's value has plummeted 44%

But for now, users are either remembering Trump's app is out there, or have learned about it via Trump's comments on the Twitter deal.

Downloads for Trump's version of Twitter crossed 55,000 on April 26, a day after the biggest tech deal between Musk and Twitter was announced. 

The number of daily active users on Truth Social increased to 365,000 on April 26, 20% higher than the week ended April 22.

Key executives have left Trump's SPAC after Musk's involvement with Twitter became public knowledge, and the digital media firm has faced problems with logins and user interface at large.

When compiling rankings both Google Play and Apple's (AAPL) App Store utilize app ratings and user reviews in addition to number of downloads among other factors.

Calls to boycott and leave Twitter have been trending across social media since Musk's deal announcement April 25.

The data above is based on Apptopia's estimates cited by Bloomberg.

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