Donald Trump’s social media platform is not doing very well.
Since its release in early 2022, 77-year-old former US President Truth Social has generated $3.7 million in net sales and lost $73 million through THR.
It is the first time that internal financial details of the technology startup, owned by Trump Media & Technology Group (TMTG), have been publicly revealed.
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Those figures appear in a new financial disclosure from TMTG’s SPAC merger partner, Digital World Acquisition Corp. In 2022, Truth Social lost $50 million on just $1.4 million in net sales, and in the first 6 months of 2023, raised $2.3 million, but lost $23 million.
“TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubts about its ability to continue as a going concern,” the filing reads.
The filing also says that “as of June 30, 2023 and December 31, 2022, management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they become due, including liabilities related to notes previously issued by TMTG. “TMTG believes it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World.”
In more Trump news, his older sister Maryanne passed away this week.
Categories: Biography
Source: vcmp.edu.vn