The launch of Donald Trump’s social media company, Truth Social, has been met with financial struggles as the company reported losses of $58 million in 2023, just days after going public. Despite the initial success of the merger with Digital World Acquisition Corp, Truth Social has consistently reported more debts than revenue.
Trump, who holds a controlling stake in the company, may potentially earn billions in equity, but he is not allowed to sell his shares for at least six months. The valuation of Truth Social could be crucial in helping Trump pay off legal expenses related to ongoing court cases.
The platform, which is dominated by right-wing accounts, serves as a primary communication tool for Trump to connect with his followers. However, the former president has faced criticism for his controversial posts, including a recent video featuring a truck with a large image of President Joe Biden hogtied on its bumper.
Despite the financial struggles and controversies surrounding Truth Social, Trump’s ability to generate much-needed cash through the company remains uncertain. Only time will tell if the platform can survive in the long term amidst its ongoing challenges.
