Donald Trump's Truth Social Records $31.6M Loss In Less Than 2 Years (CORRECTED)
Portfolio Pulse from Benzinga Neuro
Truth Social, the social media platform associated with former President Donald Trump, has reported a loss of $73 million since its launch in February 2022. The financial disclosure was filed by Digital World Acquisition Corp. (NASDAQ:DWAC), which is in merger talks with Trump Media & Technology Group (TMTG), the parent company of Truth Social. The platform lost $50 million in 2022 with $1.4 million in net sales and an additional $23 million in the first half of the current year. The report indicates that TMTG's survival is uncertain without the completion of the merger with DWAC and additional funding. TMTG's management is concerned about meeting liabilities and raising more funds.
November 14, 2023 | 3:54 am
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Digital World Acquisition Corp. (DWAC) disclosed a $73 million loss for Truth Social, raising concerns about TMTG's future and the importance of completing the merger with DWAC for survival.
The financial losses reported by Truth Social could negatively impact investor sentiment towards DWAC, especially as the merger with TMTG is critical for the platform's survival. The uncertainty surrounding the completion of the merger and the need for additional funding are likely to put downward pressure on DWAC's stock price in the short term.
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