Donald Trump’s Truth Social has reported a $73 million net loss since its February 2022 launch.
The bleak financial report was documented in an SEC filing from Digital World Acquisition Corp., which is planning to merge with Trump’s social media venture.
Truth Social was meant to compete with Twitter after Trump was banned from the social media platform (now called X) for spreading inflammatory disinformation preceding the storming of the U.S. Capitol on Jan.6, 2021. His account was reinstated when Elon Musk purchased Twitter in October 2022. However, Trump has stuck with Truth Social as his platform of choice. Twitter/X is believed to have lost $24 billion under Musk’s leadership.
Truth Social lost $50 million in 2022 and picked up the pace slightly in 2023, losing only $23 million in the first half of the year.
Trump announced the formation of Truth Social in October 2021. It launched to a choppy start four months later with new users encountering error notices. The platform has roughly a couple million active monthly users.
While the 45th president’s presence on Truth Social is clearly a draw for many of the platform’s users, Trump’s ties to its Trump Media & Technology Group parent company also comes with drawbacks.
“To date, several potential third-party partners have expressed an unwillingness or reluctance to work on TMTG’s products or provide services for reasons including TMTG’s connection with President Trump,” the SEC filing said.
Truth Social’s financial troubles coincide with an ongoing civil suit that could cost the Trump family $250 million. A New York State Supreme Court judge found the Trump Organization liable for fraud in September. Trump’s former lawyer testified employees were pressured to falsely manipulate the alleged value of the former president’s properties for years. The court is expected to decide how much is owed to the state in damages when the trial concludes in roughly a month.