Posted on 11/13/2023 8:25:13 PM PST by Berlin_Freeper
Former President Trump’s social media platform, Truth Social, has lost $73 million in net sales since the platform’s official launch in February 2022, according to a new financial disclosure filing from Digital World Acquisition Corp. (DWAC).
Digital World is a merger partner with Trump Media & Technology Group (TMTG). Trump owns a stake in Truth Social that was last valued at between $5 million and $25 million.
The form shows that Truth Social lost $50 million on just $1.4 million of net sales in 2022 and another $23 million within the first six months of this year, according to the filing, which was first reported by The Hollywood Reporter.
If TMTG is unable to complete its merger with DWAC and receive more funds, the company may not survive, according to the filing.
(Excerpt) Read more at thehill.com ...
After its fumbled and disastrous start, it is surprising the site is still around.
Such sites should be fairly cheap to run, over all. Although, when I say that, don’t know the ratio of servers to users that are needed for such an operation.
I think everything about this site was cheap and amateur hour, ran by people who didn’t understand IT.
DWAC would have been a good stock to short..
Yes. Anything but what I did. I lost $500. Not much, but disappointing.
Still doing better than WeWork.
Nobody is on Truth Social except Trump, and all of his "truths" get retweeted over on Xitter by various other accounts.
At least you gave it a shot. SPACS are a high risk high reward play. At one point I managed to lose a lot of money on MLPs (master limited partnerships- midstream oil) which was supposed to be a low risk/low reward play. Ugh.
Twitter lost about 30 billion in value over that time….
You lost money on something you believed in. That’s not bad.
It would have been nice to not lose money, but you did it out of principle.
It’s almost impossible to compete with established platforms like x. Truth social just feels like an echo chamber... end of story.
It was money well spent. The press reported on his Truth Social posts after he was banned by twitter.
That’s true enough. $73 million over 4 years is money very well spent in politics. Yes, Truth Social didn’t make money, but it offset its losses by the subscriptions it did have.
Facebook has lost $50 BILLION on their metaverse!!
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