(TargetLiberty.org) – Truth Social, the social media platform owned by former President Trump, has lost $73 million in net sales since it was launched for the first time in February 2022.
The Digital World Acquisition Corp. (DWAC) noted in a recent financial disclosure the loss. According to the report, the valuation of Truth Social has dropped since its previous valuation which was somewhere between $5 and $25 million. The form specifically shows that 2022 Truth Social had lost $50 million on only $1.4 million in net sales. The filing also found that within the first half of 2024, the company had lost an additional $23 million.
It was further noted that should the Trump Media & Technology Group fail to complete the merger with DWAC in order to get access to additional funds the company could end up failing.
The amended S-4 filing specifically has a section relating to the risks for TMTG in which it is stated that the financial condition of the company has led to a lot of doubt on whether or not it is able to continue functioning. That same section points out that the well-being of the company is completely tied to the former President. It adds that should the platform not manage to develop and maintain enough followers or if Trump stops using Truth Social as much, then the company will be negatively affected.
Trump is currently facing four different criminal cases. Normally individuals in police custody or who are serving a prison sentence are not able to have significant access to social media and they are strictly limited in their presence online.
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