Donald Trump’s Truth Social App Has Lost a Whopping $73 Million Since Launch Last Year
Former president Donald Trump's Truth Social app is losing money left and right.
NBC reports the app has lost $73 million since its launch in February 2022.
According to a filing released by the U.S. Securities and Exchange Commission, Truth Social lost over $50 million in 2022 as well as $23 million in the first half of 2023.
"As of June 30, 2023, and Dec. 31, 2022, management has substantial doubt that TMTG (Trump Media and Technology Technology) will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG," the filing states, per NBC.
"TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World," it continues.
READ MORE: Funniest Donald Trump Mugshot Memes
Trump launched Truth Social after he was banned from X, formerly known as Twitter, following the Jan. 6 insurrection at the U.S. Capitol in Washington, D.C.
The reality TV-star-turned-former president, who was impeached twice and is facing multiple indictments, frequently posts on Truth Social — but he's not the only politician who does.
President Joe Biden joined the platform in October and began trolling instantly.
"Well. Let's see how this goes. Converts welcome!" Biden wrote in his first post on the social media platform.
Officials for the Biden campaign told Fox News that the reason for joining the platform was to meet "voters where they are." Campaign reps also said there is "very little 'truth' happening on Truth Social" and that they are intent on holding "MAGA accountable on their own platform."
23 Celebrities Who Ran for Political Office
Gallery Credit: Jacklyn Krol