Donald Trump's Truth Social has lost $23 million this year. Its accountants warn it may not survive.
CBSN
When Truth Social launched in 2022, backers of the social network described it a conservative-friendly alternative to Big Tech platforms that would attract advertisers eager to court former President Donald's Trump's millions of followers. But a new regulatory filing reveals that Truth Social's owner, Trump Media & Technology Group, has booked only $2.3 million in sales through June this year, while losing 10 times that amount.
The disclosure also contains a warning from Trump Media & Technology Group's accountants, who said they have "substantial doubt about the company's ability to continue as a going concern."
The financial details about Trump Media & Technology Group were made public in a Monday filing from Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, or SPAC, formed to merge with Trump's business. SPACs allow a company to sell shares to the public more quickly than in a traditional initial public offering, which requires more regulatory steps.
