Thursday, May 22, 2025
12 C
London

Donald Trump’s business empire just lost another $73 million

- Advertisement -

Donald Trump launched his own social media platform, Truth Social in 2022. According to new filings, Truth Social lost $73 million in net sales.

The financial disclosure was made by the Digital World Acquistion Corp (DWAC). DWAC is a partner with Trump Media & Technology Group which Trump launched in 2021.

In 2022, Truth Social, part of the business empire, lost $50 million and made $1.4 million in net sales. This year it has lost $23 million.

The filing states, “Trump Media & Technology Group’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern.”

- Advertisement -

It also puts the merger between TMTG and DAWA on the line because if Truth Social does not start generating a lot of money quickly, the merger will fall through.

Truth Social took a big hit when Elon Musk took over Twitter a year ago as he allowed extremists figures and MAGA voices back in. Meta’s Threads also gave Truth Social competition.

Trump’s legal troubles and his business empire

This is just the tip of the iceberg as Trump’s legal trouble continue to escalate. In yesterday’s proceedings, Trump former attorney Jenna Ellis (who pleaded guilty last month and is helping prosecutors now) testified as to how Trump when he was president had said that he did not plan to leave the White House “under any circumstances”.

She spoke about a conversation with former White House official Dan Scavino in 2020.

- Advertisement -

“He [Scavino] said, “The boss is not going to leave under any circumstances. We are just going to stay in power. ‘And I said to him, “Well, it doesn’t quite work that way, you realise,’ And he said, “We don’t care.”

In any case Trump made way for Joe Biden in January 2021.

Trump’s defense team

Trump’s eldest son, Donald Trump Jr took the stand yesterday and spent a good amount of time trying to convince the court about his father’s real estate expertise with a one hour slideshow presentation on the Trump Organisation.

Donald Trump’s sons Don Jr and Eric face charges of inflating the value of properties in order to obtain loans.

- Advertisement -

New York State Attorney General Letitia James posted on X slamming the testimony.

She said, “Today, Donald Trump Jr, took the stand to try and defend his family’s fraud. Rather than respond to any legal claim against him and his family, Trump Jr. Spent his time talking through pictures of Trump properties.

“He didn’t make a single point to refute our case against them,” she said.

Read More News

https://theindependent.co/woman-dresses-as-an-animal-and-rolling-in-mud/

Cover Photo: Wikipedia

- Advertisement -

Hot this week

Kate Middleton expecting twins, according to reports

According to news on the Internet, the Duchess of...

Is BTS’s Taehyung colour blind?

The rumour mill online has been speculating that Korean...

Hurley wore ‘the dress’ after being snubbed by top fashion designers

Model Liz Hurley became famous after wearing "the dress"...

Hyun Bin taking legal action against rumours involving Son Ye Jin

While the hottest K-drama screening on-air is undoubtedly Crash...

HK protesters call for boycott of Ip Man 4: The Finale

Hong Kong -- The final instalment of the Ip...

Vertical Institute Unveils Generative AI Course to Meet Growing Demand for Digital Proficiency

The future of work is undeniably intertwined with artificial...

Jimmy Carter: The Nobel US president who lived to be 100

Jimmy Carter, the peanut farmer who became the 39th...

Manmohan Singh: The leader who transformed India

Manmohan Singh's story is one of remarkable transformation, both...

Why AI ‘hallucinates’: What’s missing in the models

The American writer Richard Powers' latest novel, Playground, delves...

Challenging job market diminishes appeal of postgraduate studies in China

China is seeing a significant decline in postgraduate entrance...

Fatherhood changing in East Asia: Dads get into parenting and housework

A transformation in fatherhood is quietly unfolding across East...

Related Articles

Popular Categories

spot_img