Trump’s social media platform has lost $73 million since its launch Economy

The Truth Social platform, which was launched by former US President Donald Trump, has lost $73 million since its launch in early 2022, according to a stock exchange filing from Digital World Acquisition Corp., a special purpose acquisition company that plans to merge with the company.

• In 2022, Truth Social recorded a loss of $50 million with net sales of only $1.4 million.
• It also lost $23 million in the first half of this year, and its net sales amounted to $2.3 million.

According to the disclosure, an independent accounting firm affiliated with Trump Media & Technology Group (TMTG) indicated that the financial situation raises significant doubts about its ability to continue as an existing entity.

“TMTG believes that it may be difficult to raise additional funds through traditional financing sources in light of the lack of tangible progress towards completing its merger with Digital World,” she said.

The disclosure stated that the company also canceled several jobs last March.

Since the launch of its service on February 21, 2022, the “social truth“of audience polarization issues, resulting in a smaller than expected user base.

Trump had announced the launch of his social media application in October 2021 and said that he would “confront major technology companies” such as Twitter (currently X) and Facebook after previously banning his accounts.

The company responsible for establishing the “Truth Social” platform announced months after announcing the launch of the platform that a group of investment institutions pledged to contribute to the project with a billion dollars, in addition to the 293 million dollars raised by the “Truth Social” platform.Digital World Acquisition Corp“When it went public on the Wall Street Stock Exchange last September of 2021.