Truth Social, the conservative social media network that former President Donald Trump launched in 2022 after being banned from other platforms, lost more than $58 million and generated a mere $4.1 million in revenue last year.
The revelations about Truth Social’s current situation came in a Securities and Exchange Commission regulatory filing from Trump’s company, Trump Media & Technology Group, on Monday. The financial situation is so dire, an auditor warned in the filing, that it raises “a substantial doubt” about whether TMTG can “continue as a going concern.”
To put Truth Social’s precarious finances into context, Twitter, now known as X, generated more than $660 million in revenue in the year leading up to its going public, and it generated $5 billion in the year before Elon Musk bought it
The biggest problem Truth Social faces is that its user base is microscopic compared to that of other social platforms. In February, it had just 494,000 monthly active users
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