If Trump wants to improve his chances in 2024, he would likely want to get back on social media with broader distributions.
Something I briefly want to mention is that Google trends data shows relatively high interest in the Truth Social search term from China:
I think it is interesting to take note of this because on the TMTG Wikipedia page the launch of DWAC is associated with a Chinese firm called Arc:
DWAC was created with the help of ARC Capital, a Shanghai-based firm specializing in listing Chinese companies on American stock markets that has been a target of SEC investigations for misrepresenting shell corporations. Some investors were surprised to learn that their investment money was being used to finance a Trump company. In 2021, the DWAC Trump venture was linked with another company, China Yunhong Holdings based in Wuhan, Hubei, until its lead banker who was running the merger promised to sever ties with China in December 2021, stating Yunhong was to "dissolve and liquidate". In February 2022, Reuters reported that the connection between Shanghai-based ARC Capital and Digital World was more extensive than thought, with ARC having offered money to get the SPAC off the ground.
I think it is worth considering because in the past foreign relationships of Trump have been leveraged by political opponents. If Trump is making a serious run, I believe there is a non-zero probability he'd want to disassociate himself from DWAC.
Increasingly there is a clear path for Trump to return to the established social media platforms. Twitter is now owned by Elon Musk, who lifted his lifetime ban. Not surprisingly rumors are circulating Trump is considering exactly that:
Donald Trump since late last year has told several people that he doesn't want to renew an 18-month exclusivity agreement with Truth Social that expires in June, according to a Rolling Stone report on Sunday. The ex-President currently has an agreement that requires him to wait six hours before posting to other social media after he posts on Truth Social.
This is terrible news for DWAC because the former President is one of the few exclusive major social media presences. As a small platform trying to compete with established platforms (a notoriously difficult endeavor due to the strong network effects), this is a huge loss. On other social media platforms, Trump's followers would have access to him in addition to lots of other connections. Some may argue Truth Social will allow access to an unchained version of Trump (not concerned by the content limitations of established platforms). But as Elon Musk discovered at Twitter, advertisers don't like this. Without advertisements, it is hard to build a business case and support a decent valuation.
