President Donald Trump still uses Truth Social as his personal megaphone, setting off news cycles with policy announcements, political threats and late-night attacks.

But fewer people appear to be coming directly to hear him.

Traffic to Truth Social has fallen sharply as Trump Media & Technology Group prepares to face investors following a staggering first-quarter net loss of $406 million, according to a New York Times report.

The numbers expose a striking paradox.

Trump’s posts remain deeply influential. Television networks quote them. Reporters turn them into breaking-news alerts. Supporters and opponents circulate screenshots across the internet.

Yet the platform hosting those posts is reportedly losing visitors while larger competitors such as X and Threads continue growing.

Similarweb, which estimates online audiences, found that Truth Social’s monthly visitor count fell approximately 36 percent from a year earlier during a recent measurement period, the Times reported. June’s year-over-year decline was reportedly slightly larger.

Another Similarweb comparison cited in the report showed Truth Social averaging approximately 28 million monthly visits during the first seven months of 2025, compared with 25 million during the same period of 2026.

Those statistics may measure different things—such as visitors versus total visits or specific monthly comparisons—and should not be treated as interchangeable. But both point in the same direction: downward.

Howard Polskin, publisher of the right-wing media newsletter “theRighting,” said the speed of the fall surprised him.

“I have been following traffic to Truth Social for years and I am really struck by the steepness of the plunge,” Polskin told the Times.

“When you think of how much Trump uses Truth Social as a megaphone you would think the numbers would be skyrocketing.”

Instead, the platform appears to be discovering that enormous political influence does not necessarily translate into sustainable digital growth.

Trump Media reported generating only $871,000 in first-quarter revenue, primarily through advertising on Truth Social. Against a net loss of $406 million, that revenue figure is minuscule.

A net loss can include noncash expenses and accounting effects, so it does not necessarily mean the company literally spent $406 million more in cash than it received during the quarter. Investors will likely demand detailed explanations during the company’s first earnings conference call.

But the headline disparity remains extraordinary: hundreds of millions in reported losses against less than $1 million in quarterly revenue.

Trump Media’s stock has also reportedly fallen about 80 percent since the company began public trading in March 2024. The business employs only about three dozen people and has recorded substantial quarterly losses since entering the public market.

Former chief executive Devin Nunes, once one of Trump’s most vocal congressional defenders, has reportedly been removed from the top position.

The traffic decline arrives as the company attempts to build new sources of revenue beyond conventional advertising.

Last month, Trump Media introduced a controversial premium product providing financial firms with nearly instantaneous access to Trump’s posts. Because the president’s statements can move markets, early access could potentially give professional traders a speed advantage.

Companies are reportedly being charged as much as $100,000 per month for the service.

So far, only 10 firms have signed up, according to the report.

The offering underscores how closely Trump’s political power and private business interests have become intertwined. His posts are not simply personal commentary from a celebrity businessman. They are presidential communications capable of affecting government policy, international relations and publicly traded assets.

Selling faster access to those statements raises questions about whether wealthy subscribers can obtain valuable information before ordinary members of the public encounter it through the platform’s regular systems.

Trump Media may argue that the product monetizes information already being distributed publicly. Critics may see a president-linked company charging sophisticated investors for a head start on potentially market-moving presidential speech.

Either way, the service’s success depends on Trump’s posts retaining both their influence and their scarcity value.

Truth Social’s underlying challenge is that much of its content escapes the platform almost instantly. Trump posts a message; reporters capture it; screenshots spread across X, Facebook, Threads and news websites. Millions of people can experience the impact without ever visiting Truth Social.

That makes Trump the platform’s greatest asset—and potentially its structural weakness.

He guarantees attention, but the broader internet distributes his words for free.

Executives now face uncomfortable questions about how a platform centered on one of the most powerful and visible people in the world can be losing traffic, generating so little revenue and burning through investor confidence.

Trump’s voice remains impossible to ignore.

The troubling truth for Truth Social is that millions of people may no longer need Truth Social to hear it.