Trump’s Truth Social Lost Tens of Millions Since Launch, New Filing Shows
www.hollywoodreporter.com
The company that TMTG is planned to merge with, DWAC, broke out the surprising results in a securities filing Monday.

Trump’s Truth Social Has Lost $73M Since Launch, New Filing Shows: The company that TMTG is planned to merge with, DWAC, broke out the surprising results in a securities filing Monday.::Truth Social Losses and Revenue revealed for first time as Trump social platform discloses financial data and says it is a “going concern”

  • matter@lemmy.worldEnglish
    17·
    1 year ago

    Correction: they have spent some fraction of 73M on propaganda, and likely embezzled the rest.

  • MushuChupacabra@lemmy.worldEnglish
    9·
    1 year ago

    Anyone who was stupid enough to invest in this, deserves the losses.

    Social Media Facts: Nobody likes Nazis. Platforms that purge Nazis thrive, and are attractive to people with diverse views. Platforms that cater to the far right fail because there’s not enough extremists to populate them, and absolutely no reason for normal people to sign up.

    • digger@lemmy.caEnglish
      2·
      1 year ago

      “See? You could have raised a million dollars, put on a sixty thousand dollar flop and kept the rest.” Leo Bloom, The Producers, 1967

      • cheese_greater@lemmy.worldEnglish
        1·
        1 year ago

        For real tho, how is whatever is happening right now like, legal? How can he publicly fundraise for his individual criminal legal “needs” and have SuperPACS pay for all his personal legal needs. In short, I guess what I’m asking is What the fuck?

        Lol, what other defendant can/could ever act this aggregiously to no avail

          • cheese_greater@lemmy.worldEnglish
            1·
            1 year ago

            I just don’t get how he gets to be enriched, in a sense, with a PAC paying his personal (not political) expenses, like shouldn’t that money be for his “campaign”? 🤔

            • APassenger@lemmy.worldEnglish
              2·
              1 year ago

              Please research “Leadership PAC“. Then the dispute between the FEC and how most interpret the law.

              In short, it is currently allowed and people need to stop thinking that all types of PACs are governed by the same rules.

  • dingleberry@discuss.tchncs.deEnglish
    3·
    1 year ago

    To all feeling vindicated: Uber made profit for the first time last year. Startups, and especially Social Media Startups are all about user acquisition, they are expected to run at a loss for several years.

    Not to mention, Truth social is not funded by your typical VC. It likely has Russian and Saudi backers, and $73M is loose change for these regimes.

    • Toribor@corndog.socialEnglish
      1·
      1 year ago

      It’s worth it as a quarantine zone for MAGA losers. Though Twitter is determined to become the same right wing safe space.

  • AutoTL;DR@lemmings.worldBEnglish
    1·
    1 year ago

    This is the best summary I could come up with:

    The numbers were revealed in a new financial disclosure from TMTG’s SPAC merger partner Digital World Acquisition Corp.

    The filing indicates that, if TMTG is unable to complete the merger with DWAC, and receive the pot of money on the line, it may not survive.

    The amended S-4 filing also broke out a number of updates and risk factors related to the company, including the fact that the long-planned streaming video service appears to be off the table for now.

    The filing makes no mention of the service (which was teased with conservative comedy specials and “Trump-specific programming”) except in relation to layoffs.

    “This action followed a review of all departments, most significantly impacted TMTG’s streaming video on demand (SVOD) and infrastructure teams.”

    In May of 2022, Trump agreed to make Truth Social his primary social platform, agreeing not to post on other platforms until 6 hours after he sends a “Truth.” However, since initially signing the deal with TMTG, Elon Musk acquired Twitter and reinstated Trump’s account (he also rebranded it as “X.”)

    The original article contains 576 words, the summary contains 174 words. Saved 70%. I’m a bot and I’m open source!

  • Blue and Orange@lemm.eeEnglish
    1817·
    1 year ago

    The Fake News Media is lying about Truth Social. They say it is losing money and users. WRONG! Truth Social is the most successful social media platform ever. It has millions of patriots who love America and hate the radical left. Truth Social is making so much money that we don’t even know what to do with it. We are going to use it to Make America Great Again. The losers and haters are jealous of our success. They are trying to stop us, but they can’t. We are unstoppable.

      • Buffalox@lemmy.worldEnglish
        132·
        1 year ago

        I don’t see any clear indication of sarcasm, and there are definitely people who believe that. So I treat it as real, because there is no evidence to the contrary.
        To avoid such problems we have the option to make it clear simply with a /s at the end. If he can’t be bothered doing that, he must be prepared to be wildly misunderstood.