Editor’s note: This has been updated to reflect that after publication, Reuters corrected its original report to say Truth Social has lost $31.6 million since its launch and saw a $50 million profit in 2022.
Donald Trump’s MAGA social media platform Truth Social has racked up a $31.6 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 posted a profit of $50 million last year, the filing shows, and lost $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 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
