Trump in crisis: Platform loses 73 million dollars in a year

Written by Jeppe W

Nov.16 - 2023 10:09 AM CET


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Donald Trump's newly launched social media platform, Truth Social, has experienced a substantial financial downturn, losing half a billion kroner since its inception last year.

Financial media outlet Forbes reports that Trump's venture has suffered a loss of 73 million dollars, as revealed in a mandatory filing on Monday by the company behind the media platform.

This disclosure raises concerns about the financial health of the company.

The social media platform is owned by Trump Media & Technology Group (TMTG), and the distressing figures were reported by Digital World, a company planning to merge with TMTG.

Apart from the significant loss, the report disclosed that TMTG's CEO and Congressman Devin Nunes received a payment exceeding 700.000 dollars in 2022.

The report casts "significant doubt" on TMTG's ability to continue operations and mentions the accounting term "going concern," indicating the company has depleted its equity.

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