‼️BREAKING: Trump’s Truth Social may be forced to SHUT DOWN after its parent company reported huge losses — almost $23 million lost in the first half of this year alone! Today’s securities filing marks the first time any financial details about the company were shared publicly. pic.twitter.com/Wt24DCTX8s
— Jon Cooper (@joncoopertweets) November 14, 2023
Trump’s Social has lost nearly $23M in 2023
When Truth Soc 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 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 cautionary language by Trump Media’s accountants is known as a “going concern” warning, which indicates that an accounting firm believes a company may not have sufficient cash on hand to pay its debts and could default within the next year, according to S&P Global.
The financial picture that emerges from filing depicts a company that’s facing mounting losses in the face of growing, yet meager, sales. Trump Media reported revenue of $2.3 million for the first six months of 2023, compared with no revenue in the year-earlier period, the filing noted.
www.cbsnews.com/news/donald-trump-truth-soc-loss-accountants-warning-going-concern/