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.

  • afraid_of_zombies@lemmy.world
    121·
    1 year ago

    73 million, average salary is around 50k in total compensation, works out to 1,460. For the amount of money lost on this vanity project you could have hired the working age population of a village to spend a year planting trees, with paid vacation, 401k matching of about 3% and 80% of health insurance coverage. Still leaving enough left over for weekly Pizza instead of pay raise parties.

    I found a reference online claiming that by handtools a human can plant between 800 to 2000 trees a day. I am going to assume they all are bad at their job and can only plant 500 a day. At the end of the year 73,000 trees would been planted. The Pacific Northwest forest has 40,000 trees per square km so our planters could reforest 1.825 square km.

    Glad we have our priorities correct as a civilization