Social media platform Truth Social, founded by former US President Donald Trump, has reported losses of $31.6 million in less than two years since its launch, CNBC reports.
Truth Social’s parent company Trump Media and Technology Group (TMTG) reportedly lost $59.1 million in 2021, on $2.1 million in net sales. Made a profit of $50.5 million in 2022, on $1.4 million in net sales. TMTG reportedly lost $23 million in the first half of 2023, on $2.3 million in net sales.
TMTG’s financial challenges have prompted the pursuit of a merger with Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), to address TMTG’s negative cash flow and persistent losses.
EDITOR’s NOTE: This article and headline have been corrected. A previous version gave an incorrect figure for the total loss, TMTG made a profit – rather than a loss – of $50.5 million in 2022.
