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.

  • Buffalox@lemmy.world
    10·
    1 year ago

    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.