Trump’s Truth Social Has Lost $73M Since Launch, New Filing Shows
Trump’s Truth Social Has Lost $73M Since Launch, New Filing Shows
The company that TMTG is planned to merge with, DWAC, broke out the surprising results in a securities filing Monday.
Since launching in early 2022, former President Donald Trump‘s Truth Social took in $3.7 million in net sales, and lost $73 million.
The numbers are the first time that any internal financial details on the social platform have been shared publicly, and they suggest that while Trump has made Truth Social his primary social media platform, it has not been translating into meaningful revenue for the tech startup, which is owned by Trump Media & Technology Group (TMTG).
The numbers were revealed in a new financial disclosure from TMTG’s SPAC merger partner Digital World Acquisition Corp. The filing revealed that in 2022, Truth Social lost $50 million on just $1.4 million of net sales, and through the first 6 months of this year it brought in $2.3 million, but lost $23 million.
The financial situation of TMTG is such that “TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” according to the filing.
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Good. The more the looser loses, the better.
Is he actually losing here?
Unsurprisingly it's pretty murky, but it seems most of the money came from China, then later from Russia, and he didn't put any in himself.
He seems to be mostly the figurehead, and would gain if it were going well. Which is a common trope for him. Other people put up the money, if it sinks he disavows it, if it works he gets a cut.
That's fucking funny.
lol
How
How he's scamming people by letting them use his name in an attempt to scam others.
Sounds like the textbook definition of "sad" to me
Schadenfreude.
You people and your 'uhm achktuallys' lol.
It's hilarious that the world is falling apart! I so agree lolz /s
You okay there, bud?
There was a clever scheme to sell Truth Social to investors for no less than $1 billion!🤪
The plan failed AFAIK because it was somehow illegal.
https://www.cbsnews.com/news/trump-dwac-returning-investor-money-truth-social/Allegedly there should be another plan, that if successful would raise $250 million for Trump. Not as good as a billion, but still a pretty penny.
Actually it's a lot more than a pretty penny. 😋But also allegedly, Trump uses almost $50 million per month, you know private jet and lawyers and all that. So even $250 million, would only last him a measly 5 months!! And some say his current financials are pretty dire, which I hope is true.
I guess he's not very tight