Donald Trump’s social network lost 73 million and its future is uncertain

Since its launch in early 2022, its core business is Trump Media & Technology Group (TMTG). social network—lost a total of $73 million. Last year casualties These were $50 million, and they accumulate another $23 million in the red in the first six months of 2023.

Citing a study by an independent public accounting firm, the report states that “TMTG’s negative cash flows and ongoing losses raise significant doubts about the company’s continued viability.”

The financial document revealing this information was submitted by Digital World Acquisition Corp, which has been exploring the possibility of a merger with the former president’s company since 2021. United States of America. This hypothetical merger is paralyzed by the difficulty of “raising additional funds from sources.” financing traditional”.

Leadership of Truth Social, chaired by the former Republican congressman Devin NunesHe believes that the money they can generate from this business operation will be “sufficient to pay off existing debt and fund current operations in the event projected cash flow is insufficient.”

Alternative to Facebook and Twitter

The Republican leader launched this new platform to “confront big tech companies” on February 21, 2022. Facebook anyone excitementblocked his account for inciting a group of followers to violently attack the Capitol in Washington, an anti-democratic insurrection that left more than five people dead.

Appearance and operation similar to existing one XTruth Social has become a digital haven for conservatives and members of the ‘alt-right’. far right WE. Trump used this to continue spreading false conspiracy theories pointing to non-existent fraud in the 2020 presidential election, in which he was defeated by the current president. Joe Biden.

Return to Twitter?

Since then, Trump has posted almost exclusively on Truth Social. He wants to promote its use to try to make money. But it’s a pretty small megaphone compared to the old Twitter. While 6.4 million people follow the first one, more than 87 million people accumulate in the second one.

Trump’s economic interests conflict with his political intentions. Within a year, United States of America Once again, presidential elections are held, opening the door to the repatriation of tycoons White House. Twitter was central to his first campaign and throughout his tenure. Even though she claimed he turned his back on her last August Elon Musk reactivated his account; He published his first message after two and a half years. It was asking for money for his campaign.