Donald Trump’s Social Networking Site Truth Social Reports $31.6 Million Loss

Trump’s “Truth Social” Network Reports $31.6 Million Loss Since Launch

Former US President Donald Trump’s social networking site, “Truth Social,” has reported a loss of $31.6 million since its launch in early 2022 until the middle of this year, according to a securities report released by Digital World Acquisition (DWAC.O).

The report, released on the 13th, revealed that the company had a deficit of $23 million in the first half of this year, with sales totaling $2.3 million. Last year, the company reported a profit of $50.5 million (revised), with net sales of just $1.4 million.

Furthermore, an independent registered public accountancy firm has raised concerns about the company’s financial condition, indicating doubts about its status as a going concern.

The Trump Media and Technology Group (TMTG), which operates Truth Social, expressed its belief that it will be challenging to raise additional funds through traditional funding methods unless significant progress is made towards completing the merger with Digital World.

*In an article published on the 14th, English corrections were made to the original text, which also led to amendments in the heading and picture caption. The correction revised the initial statement from “a loss of $73 million since its launch at the beginning of last year” to “a loss of $31.6 million from its launch at the beginning of last year to the middle of this year.” Additionally, it corrected a statement from “Last year’s loss was $50 million” to “Last year’s profit was $50.5 million.”

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Former US President Donald Trump’s social networking site (SNS) “Truth Social” has lost $31.6 million (corrected) since its launch at the beginning of last year until the middle of this year, according to a securities report. The picture is of Mr Trump. The photo was taken in October in New York. (2023 Reuters / Dave Sanders / Pool via REUTERS / / File Photo) *In an article published on the 14th, an English correction has been made to change the phrase “loss of $73 million since its launch at the beginning of last year” to ” a $73 million loss since launching early last year.” The company has revised its forecast to a loss of $31.6 million by the middle of this year.

[１３日 ロイター] – Former US President Donald Trump’s social networking website (SNS) “Truth Social” has lost $31.6 million (corrected) since its launch at the beginning of last year until the middle of this year, according to a securities report.

The report was released on the 13th by Digital World Acquisition (DWAC.O), a special purpose acquisition company (SPAC) that plans to merge with Trump Media and Technology Group (TMTG), which operates Truth Social.

Last year’s profit was $50.5 million (revised), with net sales of just $1.4 million. The company had a deficit of $23 million in the first half of this year, with sales of $2.3 million.

According to the report, independent registered public accountancy firm TMTG states that the company’s financial condition calls into question its status as a going concern.

TMTG believes that it will be difficult to raise additional funds through traditional funding methods unless significant progress is made towards completing the merger with Digital World.

*In the article distributed on the 14th, due to a correction in English, in the first paragraph of the main text, “a loss of $73 million since its launch at the beginning of last year” was changed to “a loss of $31.6 million from its launch at the beginning of last year to the middle this year.”” and also amended the heading and caption of the picture. Additionally, in the third paragraph, “Last year’s loss was $50 million” was corrected to “Last year’s profit was $50.5 million.”

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