Trump social network Truth Social lost $73m in two years
Truth Social, the pro-Trump social media site that he owns and posts on, never went anywhere. It lost $78m in the first two years of operation, it reports, and anticipates failure now that the former President has returned to Twitter.
Trump had announced the launch of his social media app in Oct 2021, saying it would "stand up to Big Tech" companies such as Twitter and Facebook that previously barred him. In 2022, Truth Social posted a loss of $50 million, with net sales of just $1.4 million. It lost $23 million in the first half of this year, with net sales of $2.3 million. Trump Media & Technology Group's (TMTG) independent registered public accounting firm has indicated that the financial condition raises substantial doubt as to its ability to continue as a going concern, according to the filing.
One of the odd dynamics in all this is that the right never wanted a place to call its own: it wanted Twitter, to the point where a reactionary billionaire offered vastly more than it was worth to buy it and operate it according to their priorities. The result is three different wrecks—the site, the business, his reputation—but at least Trump is back!
Devin Nunes, the hyperligitious Truth Social CEO who left office to run the show, is apparently not doing well in his defamation suits. Most recently, lawyers from The Washington Post claim that Nunes destroyed evidence in the case.
DMT.NEWS
via https://www.DMT.NEWS
Rob Beschizza, Khareem Sudlow
