Prior to a potential merger, Digital World Acquisition Corp. disclosed in a filing with the Securities and Exchange Commission (SEC) that Trump Media & Technology Group (TMTG) has incurred significant financial losses since it began operations.
A detailed 530-page report filed with the U.S. Securities and Exchange Commission (SEC) reveals the financial performance of a conservative social media platform since its inception in 2021. Despite generating $50 million in revenue in 2022, the platform has accumulated total losses of $31.6 million.
The platform, known as Truth Social, was introduced by Donald Trump in October 2021, following his ban from Twitter after the events of January 6 at the U.S. Capitol. The launch was facilitated through a merger between the newly formed Trump Media and Technology Corp. and Digital World Acquisition Corp., a Miami-based special purpose acquisition company (SPAC). SPACs are entities created specifically to merge with other companies for the purpose of going public.
Shortly after its inception, the SEC initiated an investigation into the SPAC deal of Truth Social in December 2021. Around this time, former Congressman Devin Nunes (R-CA) left his congressional duties to become the CEO of TMTG. Digital World Acquisition Corp. disclosed in a filing that it had been requested to provide various documents, including board meeting records, trading policies, and communications between DWAC and TMTG, chaired by Trump.
Upon its introduction, Truth Social proclaimed its mission to challenge the "liberal media consortium" and counteract the dominance of Big Tech firms in Silicon Valley, which were accused of muting alternative viewpoints in the U.S. The platform also announced plans to introduce TMTG+, a subscription-based video-on-demand service offering "non-woke" entertainment. However, this service has yet to be launched.
Donald Trump’s Truth Social Has Millions In Financial Losses, SEC Filing Shows – Updatehttps://t.co/D5DEba4ufG
— Doug Wise (@DougWise9) November 22, 2023
Truth Social's debut came approximately a year after Parler, another social networking site favored by Trump and other conservatives who were critical of the increased monitoring of Facebook and Twitter during the 2020 election period. Following the Capitol events, Parler faced suspensions and removals from various service providers, including Apple's app store and Amazon Web Services. Despite interest from Kanye West in acquiring the platform, no acquisition materialized.
Despite the challenging start, Truth Social continues to operate in an increasingly polarized social media landscape. Its journey reflects the ongoing tension between different political ideologies and their representation in the digital world, a dynamic that is likely to persist and evolve in the years to come.
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