Filing: Disgraced former president’s Truth Social records $73 million net loss since launch

Source: Axios

“Former President Trump’s social media platform Truth Social has lost $73 million in less than two years, according to an SEC filing on Monday. The filing from Digital World Acquisition Corp., a special purpose acquisition company, indicates more trouble with its planned merger with Truth Social owner Trump Media & Technology Group — including a ‘request and subpoena’ from the SEC for documents related to its investigation into the proposed SPAC deal. … Truth Social launched in February 2022 as a free speech app for conservatives and Trump has become the face of the platform, but it has for months faced financial stress and been mired in legal and regulatory limbo, per Axios'[s] Sara Fischer and Dan Primack.” (11/14/23)