Former President Donald Trump’s Social Media Platform, Truth Social, Loses $73 Million Since Launch

Former President Donald Trump’s social media platform, Truth Social, has lost $73 million since its launch in February 2022, according to a filing released by the U.S. Securities and Exchange Commission. The filing, made by special acquisition company Digital World Acquisition Corp, which has planned to merge with the owner of Truth Social, Trump Media & Technology (TMTG), revealed that the platform had a net loss of over $50 million in 2022 and a net loss of nearly $23 million in the first half of 2023.

The filing also raised serious doubts about the platform’s viability, with independent accountants for TMTG indicating that the company’s financial condition raises substantial doubt as to its ability to continue as a going concern. TMTG started its operations in Feb. 2021 and launched the social media platform in the first quarter of 2022.

Truth Social is the latest venture of the former president, who has been attempting to establish a right-wing social media platform since leaving office in January 2021. The platform was launched with the goal of providing a platform for conservative voices to be heard, but has failed to gain traction since its launch.

The platform has faced criticism for its lack of user engagement and its failure to attract a large user base. It has also been criticized for its lack of features and its inability to compete with other social media platforms.

The latest filing raises serious questions about the future of Truth Social, and whether the platform will be able to survive in the long run. It remains to be seen if the platform can turn its fortunes around and become a viable competitor in the social media space.