Topline
Former President Donald Trump’s social media site, Truth Social, has lost $73 million since its launch last year, according to a regulatory filing made on Monday that raises concern about the platform’s financial condition and its ability to continue operations.
Trump’s Truth Social platform has lost $73 million since its launch last year.
Key Facts
Digital World Acquisition Corp, the special purpose acquisition company that intends to merge with Truth Social’s parent firm Trump Media & Technology Group (TMTG), disclosed the social media platform’s financial numbers in an SEC filing.
The filings show Truth Social lost $50 million in 2022 and another $23 million in the first half of 2023.
In its first year of operation, the company reported net sales of just $1.4 million, while the number for the first half of 2023 is $2.3 million.
The filings also disclosed that former Congressman Devin Nunes, who serves as TMTG CEO, was paid $750,000 in 2022.
This is a developing story.
