Truth Social

History

2023: Losses of $73 million

The total losses of the social network Truth Social, founded by the former president, from USA Donald Trump its launch in 2022 to November 2023 reached $73 million. This was reported in the financial company Digital World Acquisition, which is an investment partner of the service.

According to The Washington Post, citing this document, Truth Social lost $22.9 million with sales revenue of $2.3 million. According to the independent audit firm's assessment, which is cited in the report, TMTG "received negative cash flows and periodic losses from operations that raise substantial doubts about its ability to continue operations."

Social network losses since launch amounted to $73 million

TMTG management believes that the funds received from a possible merger with Digital World Acquisition will be "sufficient to pay off existing debt and finance existing operations if the projected cash flow is insufficient," follows from the statement of Digital World Acquisition, an excerpt from which the newspaper leads.^[1]

2022

At the time of the launch of Truth Social in February 2022, there were about half a million users in the queue for registration on the social network, the weekly number of application installations was about 872,000. Already in March, the figure fell to 60,000 a week. By the end of March, Truth Social had been downloaded 1.2 million times.

In May 2023, Donald Trump's TMTG published the results of a poll, according to which up to 54% of Republican party supporters allegedly announced their desire to join the ex-president's social network. But at that moment there were only 513,000 active daily users.

Trump decided to set up his own social network after Twitter announced it had permanently suspended his account.

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