(NationalUSNews.com) — According to an SEC filing, Donald Trump’s social media platform, Truth Social, lost tens of millions in under two years. The filing originates from Digital World Acquisition Corp. and indicates that Truth Social lost $73 million in less than two years, meaning the social media platform is failing.
The filing from Digital World Acquisition comes as the company plans to merge with the parent company of Truth Social, Trump Media and Technology Group. The merger’s future is uncertain, given the dire financial status of Truth Social and its failure to recover lost funds. The planned merger is already facing numerous issues, including the recent removal of Digital World Acquisition Group CEO Patrick Orlando.
Despite Orlando pushing for the acquisition of Truth Social, the CEO lost his position due to the stalled merger. Orlando will remain a member of Digital World Acquisition Group’s staff, but a new management team is replacing Orlando due to shareholder concerns. Orlando’s removal from the CEO position is intended to regain shareholder support and push the merger forward.
According to the SEC filing, Truth Social lost $50 million during its first year and only pulled in $1.4 million. During the first six months of 2023, Truth Social lost an additional $23 million and only brought in $2.3 million in sales. The filing indicates that Truth Social may shut down in the coming months due to an inability to profit while losing millions of dollars. According to the Trump Media and Technology Group, the company requires the merger for Truth Social’s future development.
The filing indicates that a contributing factor to Truth Social’s decline is the acquisition of Twitter by Elon Musk, who renamed the platform X. Musk acquired X to provide a social media platform with less censorship and a higher emphasis on freedom of speech, a primary selling point of Truth Social when it started in February 2023.
Trump returned to X in August but initially claimed that Truth Social remained his primary social media platform. Since returning to X, Trump posts less on Truth Social, causing another issue for the failing social media platform. According to the Trump Media and Technology Group, without Trump’s continued presence on Truth Social, the platform will likely fail.
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