Trump’s crumbling business empire just took another $73 million hit
Truth Social, in early 2022, new filings reveal it has lost around $73 million in net sales.The financial disclosure form was made by Digital World Acquisition Corp. (DWAC).
It’s a merger partner with Trump Media & Technology Group (TMTG). Trump launched TMTG in 2021, boasting it would rival tech giants such as Facebook.The Hollywood Reporter was the first to pick up the story.
The filings reveals that in 2022 Truth social lost $50 million and made just $1.4 million net sales. It fared slightly better this year, bringing in $2.3 million in sales but again losing $23 million so far.Ouch.Trump’s stake in Truth Social is believed to be worth somewhere in the region of $5-$25 millionIt doesn’t take a business genius to work out the situation is dire.
The filing itself notes, “[Trump Media & Technology Group’s] independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern.”The merger between TMTG and DWAC has not yet completed.
