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.”
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.
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.
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.
Cover Photo: Wikipedia