There aren’t many profits to report here: A new SEC filing shows that Donald Trump’s Truth Social lost about $73 million in net sales in its first 16 months.
In a massive 530-page filing with the Federal Securities and Exchange Commission (see here), the former president-promoted social media platform raised $50 million in 2022 on net income of $1,000 after launching in February of that year. Lost $4 million. . Losses narrowed somewhat in the first half of 2023, with the platform losing $23 million from January to June, extrapolating to $46 million for the full year.
Trump launched Truth Social in October 2021 – nine months after he was banned from Twitter following the January 6 attack on the US Capitol. It was formed by a merger of a then newly formed company called Trump Media and Technology Corp. brought to life. with a Miami-based special purpose acquisition company, Digital World Acquisition Corp. SPACs are formed solely for the purpose of merging with another company for an initial public offering.
The SEC began investigating Truth Social’s SPAC deal in December 2021, just as former Rep. Devin Nunes (R-CA) left Congress to become CEO of TMTG. Digital World Acquisition Corp said in a filing at the time that it made a request for documents related to “DWAC board meetings, policies and procedures related to trading, identification of bank, telephone and email addresses, the identities of … “certain investors and certain documents and communications between DWAC and TMTG,” chaired by Trump.
The launch announcement states that Truth Social’s mission is to “create a competitor to the liberal media consortium and push back against Silicon Valley’s Big Tech companies, who have used their unilateral power to drive opposing voices in “Silencing America The press release also claimed that the platform plans to launch a video-on-demand subscription service, TMTG+, with “non-wake” entertainment programming. This has not yet been achieved.
Truth Social was announced about a year after the launch of Parler, a social networking platform initially backed by Trump and other conservatives that saw alarm bells raised over increased scrutiny of Facebook and Twitter posts during the 2020 election season. Parler, which launched days after the Capitol siege, was suspended from Apple’s App Store and later removed from Amazon Web Services and “every provider,” CEO John Matze said. Kanye West flirted with taking over the platform a year ago, but ultimately decided against it.
Our sister publication The Hollywood Reporter Truth Social’s SEC filing was reported for the first time today.
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
