Trump’s Truth Social Has Lost $73 Million Since Launch
It’s taken just two years to burn through the eight-figure amount.
Trump’s MAGA social media platform Truth Social has racked up a $73 million loss since its launch in early 2022, according to a filing. Digital World Acquisition Corp, the SPAC planning to merge with Truth Social’s parent firm TMTG, disclosed the platform’s financial health in an SEC filing Monday. Truth Social lost $50 million last year, the filing shows, and another $23 million in the first half of 2023. The company clocked net sales of just $1.4 million in its first year of operation and another $2.3 million in the first half of this year. The filing notes that the numbers create a substantial doubt about TMTG’s ability to continue operating as a going concern. Trump launched Truth Social following bans from social media sites including Twitter, though Elon Musk later reinstated the former president’s account.
Read it at Reuters
http://www.thedailybeast.com/trumps-truth-social-has-lost-dollar73-million-since-launch?
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