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Trump’s Truth Social platform has lost $31.6m since launch, filing shows
This article is more than 4 months old

Platform lost $23m in first half of this year, with net sales of $2.3m
Dominic Rushe and wires
Tue 14 Nov 2023 14.03 GMT
Last modified on Tue 21 Nov 2023 21.16 GMT

Donald Trump’s social media platform Truth Social has lost $31.6m since its launch, a securities filing revealed on Monday, and is struggling to find additional funds.

The ex-president had announced the launch of his social media app in
October 2021, saying it would “stand up to big tech” companies such as
Twitter and Facebook that previously barred him.
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But a filing by Digital World Acquisition Corp, the special purpose
acquisition company (SPAC) that plans to merge with Truth Social’s owner,
Trump Media & Technology Group’s (TMTG), showed the social media company
has been losing money heavily.

In 2021, TMTG lost $59.1m. In 2022, Truth Social posted a profit of $50.5m, with net sales of just $1.4m. It lost $23m in the first half of this year,
with net sales of $2.3m. Losses total $31.6m since TMTG’s creation.

Digital World Acquisition also revealed that the Securities and Exchange Commission, the US’s top financial watchdog, was looking at the deal in a
move that “could cause us to be unable to consummate the business
combination”.

If the merger collapses, the filing states, Truth Social will struggle to
find new funds. TMTG’s independent registered public accounting firm has indicated that the financial condition raises substantial doubt as to its ability to continue as a going concern, according to the filing.

“TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World.”

The company also eliminated several positions in March, the filing said,
adding that the action followed a review of all departments, most
significantly impacting TMTG’s streaming video on demand and infrastructure teams.

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