There was no takeoff. Trump's social network suffered millions in losses

November 15, 00:27 Share:

Trump's social network Truth Social brings millions of losses (Photo: rokas91/Depositphotos)

Former US President Donald Trump's social media platform Truth Social is losing money for the second year in a row. Losses have already exceeded $70 million.

Launched in October 2021, the social network suffered losses of $50 million for 2022, according to company reports.. Net sales for the year: just $1.4 million. Truth has not stopped being unprofitable this year. The company lost $23 million in the first half of the year, although net sales rose to $2.3 million.

Accounting firm Trump Media & Technology Group notes that there are significant doubts about Truth Social's ability to continue as a going concern given its financial condition.

The company is now in the process of merging with Digital World, created, as stated on the website, for “ a business combination with a financial technology, technology or media entity.”

“TMTG believes that it may be difficult to raise additional funds through traditional sources of financing in the absence of significant progress towards completing the merger with Digital World,” TMTG said in a report quoted by Reuters.

As NV Techno wrote, the 45th US President Donald Trump announced the launch of his social networking application in October 2021. This happened after restrictions and blocking of Trump's Twitter and Facebook pages.. A few hours after the launch, hackers hacked the social network. Trump's access to Twitter was unblocked in November 2022, almost two years after the block.

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