Additional details have surfaced regarding the financial struggles of Donald Trump’s social media venture, Truth Social. Recent filings disclosed that the platform, launched in 2022, experienced a net sales loss of approximately $73 million.
The financial disclosure, submitted by Digital World Acquisition Corp. (DWAC), Trump Media & Technology Group’s (TMTG) merger partner, highlighted the challenges faced by Truth Social.
The filing revealed that in 2022, Truth Social incurred a $50 million loss and achieved only $1.4 million in net sales. Although there was a slight improvement in 2023, with $2.3 million in sales, the platform still faced a $23 million loss.
Trump’s ownership stake in Truth Social is estimated to be valued between $5 million and $25 million. The financial situation is precarious, as indicated by the filing, with TMTG’s accounting firm expressing doubt about its ability to continue as a going concern.
The ongoing merger between TMTG and DWAC is crucial for Truth Social’s financial stability. If the platform fails to generate substantial revenue promptly, the merger may be jeopardized, potentially leading to TMTG’s financial collapse.
Several factors have contributed to Truth Social’s challenges, including Elon Musk’s takeover of Twitter (now X) and the launch of Meta’s Threads.
Additionally, the platform faces competition from established figures in the Biden administration who have chosen to engage with Meta’s Threads rather than Truth Social.
In the realm of Trump’s legal troubles, former attorney Jenna Ellis, who pleaded guilty to her involvement in attempting to overturn election results in Georgia, is now cooperating with prosecutors.
She disclosed that in late 2020, Trump had no intention of leaving the White House under any circumstances. Ellis emphasized a conversation with former White House official Dan Scavino, who asserted, “The boss is not going to leave under any circumstances. We are just going to stay in power.”
Meanwhile, Trump’s defense team, including his eldest son Donald Trump Jr., began presenting arguments in Manhattan, focusing on portraying Trump Sr. as a real estate genius with a profitable business. The Trump family and the Trump Organization face charges of inflating property values to obtain loans, which they deny.
Today, Donald Trump Jr. took the stand to try to defend his family’s fraud.
Rather than respond to any legal claim against him and his family, Trump Jr. spent his time talking through pictures of Trump properties.
He didn't make a single point to refute our case against them.⤵️ pic.twitter.com/7s1tEoPc9y
— NY AG James (@NewYorkStateAG) November 14, 2023
EXCLUSIVE: ABC News has obtained video from Georgia prosecutors' interview with ex-Trump attorney Jenna Ellis, in which Ellis tells them she was personally informed by a top Trump adviser that Trump was "not going to leave" the White House — despite losing the 2020 election.… pic.twitter.com/J9c4bm9cbZ
— ABC News (@ABC) November 13, 2023