Trump's Truth Social Has Lost Millions

Platform down more than $30M since launch
By Newser Editors,  Newser Staff
Posted Nov 14, 2023 8:55 AM CST
Trump's Truth Social Is Losing Money Fast
Former President Donald Trump speaks at the New Hampshire Federation of Republican Women Lilac Luncheon, June 27, 2023, in Concord, NH.   (AP Photo/Steven Senne, File)

This summary has been updated with corrected figures. Former President Trump's social media platform Truth Social has posted a loss of $31.6 million since its launch in early 2022, reports Reuters. (An earlier report with a figure of $71.3 million cited by multiple media outlets was incorrect.) The platform posted a profit of $50.5 million last year. The figures are in a securities filing by Digital World Acquisition Corp., the special purpose acquisition company that plans to merge with Truth Social's parent company, Trump Media & Technology Group (TMTG). The merger, first announced in 2021, has been met with numerous hurdles, including an SEC investigation resulting in an $18 million fine as well as $1 billion in canceled funding.

"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," per the filing. (More Truth Social stories.)

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