UPDATE: This story has been edited to reflect the Hollywood Reporter's update of its figures to "more accurately reflect TMTG’s net losses as disclosed on its balance sheet." While news outlets such as Reuters and CNBC report the loss to be $73 million, the updated amount from the Hollywood Reporter stands at $31.5 million. [Nov. 14, 2023, 3:56 p.m.]
Truth Social has lost tens of millions of dollars since former President Donald Trump launched his ultra-conservative social media site less than two years ago, according to a new report.
The outward cashflow was revealed Monday in a financial disclosure from Trump Media & Technology Group partner Digital World Acquisition Corp., according to The Hollywood Reporter.
According to the filing, Truth Social also brought in $3.7 million in net sales.
“TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” the filing reportedly states.
“TMTG believes that 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 filing also has an entire section called “Risks Related to our Chairman President Donald J. Trump,” according to the report.
It cites ongoing legal battles, a Trump-owned casino that filed for bankruptcy and companies that bore his name and failed, such as Trump Vodka.
The filing concludes, “There can be no assurances that TMTG will not also fail.”
