Truth Social, the brain child of former President Donald Trump, is hemorrhaging cash.
The alternative social media platform has lost $73 million in the less than two years since it launched, according to a new filing from Digital World Acquisition Corporation, or DWAC, the special purpose acquisition company aiming to take Trump Media and Technology Group, or TMTG, public.
In its first fiscal year ending Dec. 2022, TMTG, Truth Social’s parent company, lost over $50 million on $1.4 million in sales. In the first half of 2023, it has lost an additional $23 million on $2.3 million in sales, according to the filing.
The news of the losses comes as Trump faces a slew of criminal investigations, while also leading the polls among the 2024 Republican presidential candidates. President Joe Biden’s campaign made a Truth Social account in October and gained more followers on the platform than Trump’s own campaign account. [Continue reading…]