Donald Trump’s Truth Social platform has lost a whopping $73 million since its launch in early 2022.
Nov. 14 2023, Published 8:00 a.m. ET
Donald Trump‘s Truth Social platform has lost a whopping $73 million since its launch in early 2022, RadarOnline.com has learned.
In a surprising development to come almost two years after the former president launched Truth Social in February 2022, new financial filings found that the platform has lost $73 million and has only brought in an abysmal $3.7 million in net sales.
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New financial filings found that the platform has lost $73 million and has only brought in an abysmal $3.7 million in net sales.
The financial disclosure statements released this week also suggested that although Trump has made Truth Social his primary social media platform, the venture has not translated into significant revenue for the company that owns Truth Social – Trump Media & Technology Group (TMTG).
According to Hollywood Reporter, the surprising numbers were revealed this week in a financial disclosure from TMTG’s merger partner – Digital World Acquisition Corp.
The disclosure indicated that Truth Social experienced a loss of $50 million on just $1.4 million of net sales in 2022.
The platform then brought in $2.3 million but suffered a loss of $23 million in the first six months of 2023.
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Truth Social experienced a loss of $50 million on just $1.4 million of net sales in 2022.
Meanwhile, the financial disclosure statements indicated that TMTG’s independent registered public accounting firm has expressed significant doubt about the company’s ability to continue as a viable investment.
TMTG reportedly believes that it will struggle to raise additional funds through traditional financing sources without substantial progress towards finishing its merger with Digital World.
If the merger does not go through, TMTG may not have sufficient funds to meet its liabilities when those liabilities inevitably come due.
“As of June 30, 2023, and December 31, 2022, management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG,” the financial documents said.
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The platform brought in $2.3 million but suffered a loss of $23 million in the first six months of 2023.
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“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.”
TMTG was initially valued at $875 million when the merger with Digital World was announced in October 2021, but Trump’s controlling stake is currently only valued somewhere between $5 and $25 million.
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The financial disclosure statements also revealed that TMTG’s long-planned streaming video service – which was expected to feature conservative comedy specials and “Trump-specific programming” – has been put on hold.
“On March 1, 2023, TMTG eliminated several positions,” this week’s financial filing noted. “This action followed a review of all departments, most significantly impacted TMTG’s streaming video on demand and infrastructure teams.”
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Trump announced his tech and media company in late 2021.
As RadarOnline.com previously reported, Trump announced his tech and media company in late 2021.
He positioned Truth Social as a main competitor to big tech platforms like Facebook and Twitter, and in May 2022 Trump agreed to make Truth Social his primary social media platform.
The financial disclosure statements released this week also outlined the many risks connected to TMTG’s business and operations – including an entire section devoted to the risks associated with Trump’s involvement.
The document also cited the embattled ex-president’s ongoing legal challenges, bankruptcies of companies he owned, and failures of licensed businesses such as Trump Vodka and Trump Shuttle.