Donald Trump’s social media company Truth Social has lost $73 million is less than two years and without a merger may have to cease operations.
In its first fiscal year ending Dec. 2022, TMTG, Truth Social’s parent company, lost over $50 million on $1.4 million in sales. In the first half of 2023, it has lost an additional $23 million on $2.3 million in sales, according to the filing.
The filing said that TMTG’s negative cash flow and persistent losses have raised “substantial doubt” about the company’s ability to continue operating in its current state.
If the merger does not happen, the filing noted that TMTG would become unable to “fully develop” Truth Social.
The nation is getting another look at Trump’s expert business acumen. The Trumps have used Truth Social like a personal piggy bank. Investors have bailed on the project, and previous financial disclosures revealed that the former president makes more money from the Saudis than from his failing social media company.
Once Trump has drained all of the money out of Truth Social, he will move on.
Trump’s media company has looked like a scam from the beginning, and the former president made sure to remove himself and Donald Trump Jr. from the board before federal investigators arrived.
The con is up and pretty soon it sounds like Truth Social may be history.
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Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
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Member of the Society of Professional Journalists and The American Political Science Association