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Truth Social, Donald Trump’s Social Media Platform, Reports $73 Million Loss in Under Two Years, According to Recent Filing

Truth Social, the social media venture spearheaded by former President Donald Trump, has reported a $73 million loss in net sales since its inauguration in February 2022. This information comes from a recent financial disclosure by Digital World Acquisition Corp. (DWAC), which is merging with Trump Media & Technology Group (TMTG), the parent company of Truth Social.

Trump, who has an ownership stake in Truth Social valued between $5 million and $25 million, has seen the platform struggle financially. The filing revealed a loss of $50 million against net sales of $1.4 million in 2022 and an additional loss of $23 million in the first half of this year. The Hollywood Reporter was the first to report these figures.

The future of TMTG is uncertain, as indicated by the filing. The completion of its merger with DWAC and the acquisition of further funding are critical for its survival. The filing’s section titled “Risks Related to TMTG” highlights concerns from TMTG’s auditors about the company’s ability to continue operating.

Additionally, the filing points out that Truth Social’s success is heavily linked to Trump’s involvement. Any reduction in Trump’s participation or general downturns in social media could negatively impact the platform. Notably, Trump’s ability to use social media could be restricted due to his ongoing legal issues and potential custodial sentences.

Elon Musk, CEO of Tesla and the new owner of the platform now known as X (formerly Twitter), reinstated Trump’s Twitter account last November after a near two-year suspension. Trump, who is facing multiple legal challenges and is campaigning for a second presidential term, has verbally committed to continuing his agreement with DWAC until their merger is finalized, as reported by The Hollywood Reporter.

The financial struggles of TMTG are evident in the filing, with management expressing concerns about meeting liabilities and the difficulty of raising funds without significant progress in the merger with Digital World.

Truth Social was launched by Trump and his associates as an alternative to major social networks like Meta’s Facebook and X, following his ban from Twitter and Facebook in the wake of the January 6, 2021, Capitol riot. Prior to his suspension, Trump was known for disseminating numerous unfounded claims about the 2020 election results on his social media channels.