Trump’s Truth Social has lost $23 million this year: report

Editors note: This article has been corrected since it was published. The article previously stated that Truth Social had lost $73 million.

Former President Donald Trump’s Truth Social platform lost $23 million through the first half of 2023, according to a Securities and Exchange Commission filing reported by Reuters. The SEC documents were filed Monday by Digital World Acquisition Corp., the SPAC that plans to merge with the company. Reuters previously reported the company lost $73 million since its launch but has corrected its report. “With its losses mounting, Trump Media is also burning through cash, ending June with $2.4 million in cash, down from $19 million a year earlier… The company reported an operating loss of $23.3 million in 2022, although it recorded a $50.5 million net profit after a change in value tied to its convertible notes,” according to Moneywatch.

The disclosure also contained a warning from the company’s accountants, who said they have “substantial doubt about the company’s ability to continue as a going concern.” Moneywatch noted that it’s possible that Trump Media’s pending deal with DWAC could provide the funding that the merged company needs to make good on its obligations and help drive growth. Trump Media is negotiating its debts with lenders and the filing warned that management has concerns about its ability to pay for the company’s liabilities and to meet its obligations to lenders, according to the report.