Former President Donald Trump’s social media site, Truth Social, has lost $73 million since its launch last year, according to a regulatory filing made on Monday that raises concern about the platform’s financial condition and its ability to continue operations.
Digital World Acquisition Corp, the special purpose acquisition company that intends to merge with Truth Social’s parent firm Trump Media & Technology Group (TMTG), disclosed the social media platform’s financial numbers in an SEC filing.
The filings show Truth Social lost $50 million in 2022 and another $23 million in the first half of 2023.
In its first year of operation, the company reported net sales of just $1.4 million, while the number for the first half of 2023 is $2.3 million.
The filings also disclosed that former Congressman Devin Nunes, who serves as TMTG CEO, was paid $750,000 in 2022.
This is a developing story.