What happens if Dwac doesn’t get the votes?
A desperate bagholder would know this.
Trump's Social Network Is Failing Miserably
Is this Biden's fault too?
While Trump's efforts to get reelected next year are well underway, his social media business Truth Social is running into yuge trouble.
The platform is burning through tens of millions of dollars and shedding users, leaving its future anything but certain.
Truth Social, raised concerns in a document recently filed with the Securities and Exchange Commission by investment partner Digital World Acquisiton, painting a dire picture of Trumps's far-right Twitter clone.
TMTG has suffered negative cash flows and recurring losses from operations that raise substantial doubt about its ability to continue as a going concern, the document reads.
The numbers are not confidence-inspiring. Trump Media lost $22.9 in the first half of 2023 alone, netting just under a tenth of that in net sales over the same period, according to the document.
Over the less than two years it's been in operation, Truth Social has lost $73 million.
The document is a sobering account of the platform's recent financial failures, burning a big hole in the former president's business.
And in many ways, it doesn't exactly come as a surprise. The news comes amid several ongoing criminal investigations targeting Trump, including accounts of fraud, class action lawsuits against his family's corporation, and counts of incitement for the January 6 insurrection at the US Capitol.
In practice, truth social has become a cesspool of misinformation, conspiracy theories, scams, and ads for miracle cures.
The platform has also struggled to attract new users and had an estimated 607,000 monthly users as of July, according to data from Similarweb. That's compared to X-formerly-Twitter's hundreds of millions of daily active users and Facebook's three billion monthly active users.
In August, Trump returned to X for the first time since being suspended last year, posting a picture of his own mugshot. But considering his radio silence since then, it's clear he hasn't given up on Truth Social just yet.
But whether that'll end up being a losing bet considering the platform's dire financial situation remains to be seen. Even X owner Elon Musk's social media platform isn't looking too hot right now.
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