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Trump's Truth Social reports $73 mln net loss since launch

14.11.2023 06:51 AM
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Trump's Truth Social reports $73 mln net loss since launch
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Trump's Truth Social reports $73 mln net loss since launch

The “Truth Social” platform was supposed to be an attempt by former US President Donald Trump to return from exile through social media, especially Twitter, to communicate with his followers and fans.

With the support of large capital and a political base, Trump created his own platform to be an alternative to traditional social media, and to compete with Facebook and Twitter, but it recently suffered a huge loss amounting to $73 million.

An independent accounting firm affiliated with Trump Media & Technology Group (TMTG) revealed that the financial situation raises significant doubts about its ability to continue as an existing facility, according to Reuters.

She said that it may be difficult to raise additional funds through traditional financing sources in light of the lack of tangible progress towards completing its merger with Digital World.

But what happened to Trump’s platform, even though the man is a high-class merchant, a large real estate owner, and has known how to manage his business for many years? Is it the intense competition with other platforms like “X,” or other reasons, or all of them together?

According to previous reports, there were a number of early signs that Social Truth was in decline, one of which was that it was under federal investigation.

The issue of privacy also raised concerns among many users on social media sites, as observers considered it a platform that may be merely a data mining operation.

The platform allows itself to sell or give your email address to other companies for their own marketing purposes if you give them permission.

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