Donald Trump’s social media platform created to “stand up to Big Tech” is flailing. An SEC filing Monday found that the Truth Social platform lost more than $30 million since it launched in February 2021.
The disclosure paints a dire picture of Truth Social’s finances. In 2022, the platform had $1.4 million in net sales and nearly made back the $59 million it lost in its first year, but it’s netted only $2.3 million in sales in the first six months of this year with a loss of $23 million, according to the filing Monday by Digital World Acquisition Corp., a special purpose acquisition company, or SPAC, that’s a partner to Trump Media and Technology Group (TMTG).
“TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” the filing said.
Trump launched his social media platform after being kicked off of what was still Twitter in January 2021 over tweets inciting the Jan. 6 insurrection. His account was reinstated in November 2022 after Elon Musk bought Twitter. Trump has only posted once since his reinstatement to share his mug shot. TMTG’s CEO is Devin Nunes, who resigned from Congress last year to take the position and has been keeping busy with multiple ill-considered defamation lawsuits against media outlets and social media platforms.
TMTG was valued at $875 million when the deal with DWAC was announced at the end of 2021, but the platform has been besieged with legal and financial issues ever since, as Axios reported in August last year.
Monday’s filing also suggests that Trump’s involvement is critical to Truth Social’s success.








