Donald Trump’s Media Company, Truth Social, Has Lost $60 Million Since Launching

Donald Trump’s social media platform, Truth Social, and its parent company, Trump Media and Technology Group (TMTG), took in just $3.7 million in net sales and lost millions of dollars since launching.

This is the first time that any internal financial details about the platform have been shared.

Despite Trump’s efforts to make Truth Social his only form of social media, it has not been generating meaningful revenue.

According to the financial disclosure, which was released by TMTG’s SPAC merger partner Digital World Acquisition Corporation, the company has lost $60.5 million since it launched.

“As of June 30, 2023, and December 31, 2022, management has substantial doubt that TMTG will have sufficient funds to meet the liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG,” the filing said.

“TGMT believes it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World.”

The former president announced the launch of his technology and media company in 2021, comparing it to platforms like Facebook and Twitter.

In May 2022, Trump declared Truth Social as his primary social platform, promising not to post on other platforms until six hours after he sent his first “Truth.”

However, he broke that promise when he tweeted after his first arrest in ongoing legal cases last summer.

At his business fraud trial last week, Trump claimed his Mar-a-Lago was worth over $1 billion though real estate estimates said the real value was $27 million.