BUSINESS
Truth Social heading for failure?
November 15, 2023 - Since Donald Trump’s social media venture launched in February 2022, Truth Social has lost over $30 million and looks set to become another of Trump’s failed businesses.
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Former U.S. President Trump’s Truth Social lost $31.6 million from its launch in early 2022 to mid-2023, a Securities and Exchange Commission filing by Digital World Acquisition Corp -- the company that plans to merge with Truth Social -- shows.
The filing shows that Truth Social made $50.5 million for the entire year in 2022. The filing says the company recorded an accumulated loss of $31.6 million as of June 30.
Trump, whose companies have a long history of bankruptcy, announced plans in October 2021 to launch a new social media platform that would “stand up to the tyranny of Big Tech” companies such as Twitter and Facebook that previously barred him.
But Trump’s social media platform has struggled to gain popularity, with its roughly 500,000 monthly active users amounting to barely 1% of those on Twitter, now known as X, according to data firm Similarweb.
Trump -- the frontrunner for the 2024 Republican nomination for president -- faces 91 felony counts in four separate criminal cases. He denies all wrongdoing.