“Truth Social” or the social network of truth. Launched in February 2022 by Donald Trump, this platform aimed to stand up to “large technology companies”, assured the former President of the United States at the time. A promise that seems a little more difficult to keep every day for the platform, managed by the company Trump Media
Indeed, Truth Social has reportedly lost $73 million since its launch in February 2022, according to documents released Monday. Already last year, the social network, which cost $300 million in financing at its launch, recorded a loss of $50 million for a net turnover of $1.4 million. Over the first six months of 2023 it lost $23 million for a net turnover of $2.3 million.
The figures were revealed in a financial filing from the company’s merger partner Digital World Acquisition Corp. (SPAC), Digital World Acquisition Corp. According to the Hollywood Reporter, this is the first time “that internal financial information on the social platform has been made public”. The company already cut several positions in March. But according to the document filed, the financial situation is such that TMTG’s independent accounting firm has significant doubts about the network’s ability to continue its activity. “TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of significant progress in completing its merger with Digital World,” the document states.
A setback for Donald Trump, who hoped to unite his supporters on this platform built on the promise of offering “total freedom of expression” to its users. The project saw the light of day in October 2021, at the time when Donald Trump’s Twitter and Facebook accounts had been suspended from both social networks. A decision taken after the storming of the Capitol by pro-Trump activists on January 6, 2021.
The application, very similar to Twitter, had briefly topped downloads in the American App Store when it was launched in February 2022. A month later, it only occupied 173rd place. At the same time, on November 20, 2022, Donald Trump’s X account (formerly Twitter), followed by 87.4 million subscribers, was reinstated on the platform once taken over by Elon Musk.
For the moment, the former President of the United States has hardly posted any new messages on X. Donald Trump still assured last October that he would always publish on Truth Social as a priority.