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.

  • Ghostalmedia@lemmy.world
    link
    fedilink
    English
    arrow-up
    13
    ·
    1 year ago

    Friendly reminder. Truth Social is a fork of Mastodon.

    It cost Rudd $1200 to admin and host mastodon.world and Lemmy.world last month. And he has a full time job and family.