Donald Trump’s Truth Social Records $73M Loss In Less Than Two Years – Digital World Acq (NASDAQ:DWAC)

According to a new financial disclosure, Truth Social, the social media platform of former President Donald Trump, has lost $73 million in net sales since its inception in February 2022.

The disclosure was filed by Digital World Acquisition Corp. DWAC, a company in merger talks with Trump Media & Technology Group (TMTG). Trump holds a share in Truth Social, previously estimated at between $5 million and $25 million.

The filing reveals that Truth Social lost $50 million on $1.4 million of net sales in 2022, and an additional $23 million within the first half of this year, reported The Hill. The report also warns that TMTG may not survive if it fails to complete its merger with DWAC and secure further funding.

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The S-4 filing also flags “Risks Related to TMTG,” stating that TMTG’s financial state raises significant doubt about its ability to continue. It further highlights that the company’s success is closely tied to Trump and Truth Social’s ability to attract and maintain a sufficient audience.

The disclosure concludes with TMTG’s management expressing concern about having sufficient funds to meet its liabilities and the difficulty of raising additional funds if significant progress is not made towards completing its merger with Digital World.

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