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Trump’s Truth Social warns company may be forced to shut down amid huge losses
Truth Social’s parent company lost almost $23m (£18.7m) in the first half of this year alone, according to a new securities filing that raises concerns about its “ability to continue”. The filing released on Monday marks the first time any financial details about Donald Trump’s social media platform have been shared publicly, according to The Hollywood Reporter. Truth Social was launched in February last year after Mr Trump was banned from most social networks in the aftermath of the 6 January 2021 Capitol riots. The former US president – who announced his candidacy for the 2024 elections in November last year – has since returned to X (formerly known as Twitter), but says Truth Social is still his primary social media platform and that he won’t post anywhere else until six hours after he sends a “Truth”. Having Mr Trump on board has not translated into revenue for the platform’s parent company Trump Media & Technology Group (TMTG), however. Over the first half of 2023 it has lost $23m while bringing in only $2.3m in net sales, the filing showed. This has raised doubts about the viability of the company and its social media startup, according to the filing. “TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” the company noted in the filing. The company said the “management has 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 remarks were made in its assessment of business till the end of December last year and as of 30 June 2023. Concerns have also been raised over Digital World Acquisition Corporation (DWAC), a Special Purpose Acquisition Company (SPAC), that had some years ago announced plans to merge with TMTG. An SPAC is a shell corporation which raises money by listing itself on a stock exchange with the aim of using the funds for a merger with a different and usually more well-known entity. The filing said DWAC has “until 8 September 2024 to consummate a business combination”. It raised concerns that both TMTG and DWAC may not survive unless this merger is completed. “It is uncertain that Digital World will be able to consummate a business combination by this time. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of Digital World,” the filing said. “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,” the filing further said. “A number of companies that had licence agreements with President Trump have failed. There can be no assurances that TMTG will not also fail,” the filing said. TMTG also cited a number of risks to its business in the new filing, including a dedicated section titled “Risks related to our chairman, president Donald J Trump”. The section lists his ongoing legal hurdles. “TMTG’s success depends in part on the popularity of its brand and the reputation and popularity of its chairman, president Donald J Trump,” the filing said. “The value of TMTG’s brand may diminish if the popularity of President Trump were to suffer. Adverse reactions to publicity relating to President Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base.” Read More Return of original Fortnite map causes record traffic on Virgin Media O2 network Elon Musk unveils new sarcasm-loving AI chatbot for premium X subscribers Elon Musk mocks politicians at AI summit Tesla to offer ‘beast mode’ version of Cybertruck with bulletproof panels X now valued at $19bn – less than half of what Elon Musk paid for it Solar panel world record smashed with ‘miracle material’
2023-11-14 16:28
Manhunt for gang boss who controlled luxury jail in Venezuela
Héctor Guerrero Flores escaped shortly before the jail which he controlled was raided by police.
2023-09-26 19:16
Did Donald Trump just admit that climate change is real? Bizarre comment on Las Vegas having an ocean in future sparks online debate
Donald Trump made the remark while discussing Florida Governor Ron DeSantis' request for an endorsement in the state's election
2023-07-09 18:47
Firefighters battling lightning-sparked blazes in Northern California get help from light rain
Firefighters battling lightning-sparked blazes in northwest California have gotten some help from wet weather
2023-08-18 06:23
New Research from AMGTA Demonstrates Sustainable Benefits of Binder Jet 3D Printing
NEW HAVEN, Conn.--(BUSINESS WIRE)--Aug 1, 2023--
2023-08-01 20:28
Synagogue massacre survivor cried 'Mommy' as her 97-year-old mother was shot and killed by her side
A survivor of the Pittsburgh synagogue massacre says she saw her right arm “get blown open in two places” by a gunman and cried “Mommy” after her 97-year-old mother was shot and killed next to her
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Taiwan election: Foxconn founder Terry Gou picks Netflix actress as running mate
Presidential bet Terry Gou, the Foxconn founder, has selected Tammy Lai as his running mate.
2023-09-14 15:47
Family suing San Diego cemetery after remains of Juneteenth trailblazer missing from burial plot
Relatives of a late Black businessman who helped popularize Juneteenth in San Diego are suing a cemetery after his remains were reported missing from the family’s burial plot
2023-06-19 08:15
Christopher Darnell Jones: New murder charges against Virginia man accused of killing 3 UVA football players
Christopher Darnell Jones is being held at the Albemarle-Charlottesville Regional Jail. His next court appearance is scheduled for October 6
2023-09-09 06:45
Yen pressured as traders wait on policy decisions
By Tom Westbrook SYDNEY The dollar and euro made firm starts on Monday to a week full of
2023-07-24 09:29
Influential Iowa evangelical leader Bob Vander Plaats endorses Ron DeSantis
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2023-11-22 10:55
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