Former President Donald Trump's Truth Social platform disclosed an accumulated loss of tens of millions of dollars, according to a filing released by the U.S. Securities and Exchange Commission.
The securities filing was made by special acquisition company Digital World Acquisition Corp, which has planned to merge with the owner of Truth Social, Trump Media & Technology (TMTG).
Truth Social turned a profit of $50.5 million for the full year in 2022, the filing shows, followed by a nearly $23 million net loss in the first six months of this year. The company recorded an accumulated loss of $31.6 million as of June 30, contributing to “substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG,” the filing says.
The filing adds, "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."
TMTG started its operations in February 2021 and launched the social media platform in the first quarter of 2022.
When reached for comment on the filing, a spokesperson for TMTG pointed to a Truth Social post from the company that said in part "the Fake News" was "ignoring that yesterday’s filing was a crucial milestone toward completing our proposed merger."
NBC News reached out to Trump's 2024 presidential campaign for comment on the filing.
Trump created Truth Social after he was banned from Twitter, now known as X, in the days following the Jan. 6 insurrection at the U.S. Capitol.
The former president often posts on his Truth Social account, repeating the same bombastic language that he used on Twitter when he was president. In recent days, he's been using the platform to attack prosecutors who have charged him with federal crimes.
Trump marketed his social media site as a place for free speech and as an alternative that stands up to big tech companies like Twitter and Facebook.
CORRECTION (Nov. 14, 2023, 9:08 p.m. ET): The headline on a previous version of this article misstated the financial loss disclosed by Truth Social. It was $31.6 million, not $73 million. A previous version of the article also misstated the company’s earnings in 2022. The company had a profit of $50.5 million, not a net loss of over $50 million.
