Former President Donald Trump’s Truth Social platform has lost $73 million since it launched in 2022, according to a filing released by the U.S. Securities and Exchange Commission.
The securities filing was made by special acquisition company Digital World Acquisition Corp, which has planned to merge with the owner of Truth Social, Trump Media & Technology (TMTG).
According to the filing, Truth Social had a net loss of over $50 million in 2022 and a net loss of nearly $23 million in the first half of 2023, totaling around $73 million.
TMTG started its operations in Feb. 2021 and launched the social media platform in the first quarter of 2022.
“As of June 30, 2023, and December 31, 2022, management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG,” the filing says.
It adds, “TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World.”
Trump created Truth Social after he was banned from Twitter, now known as X, in the days following the Jan. 6 insurrection at the U.S. Capitol.
Twitter detailed the reasoning behind the decision.
“In the context of horrific events this week, we made it clear on Wednesday that additional violations of the Twitter Rules would potentially result in this very course of action,” Twitter wrote. “Our public interest framework exists to enable the public to hear from elected officials and world leaders directly. It is built on a principle that the people have a right to hold power to account in the open.”
“However, we made it clear going back years that these accounts are not above our rules and cannot use Twitter to incite violence,” the post continued. “We will continue to be transparent around our policies and their enforcement.”
The former president often posts on his Truth Social account, repeating the same bombastic language that he used on Twitter when he was president. In recent days, he’s been using the platform to attack prosecutors who have charged him with federal crimes.
Trump marketed his social media site as a place for free speech and as an alternative that stands up to big tech companies like Twitter and Facebook.