According to CNN, the documents submitted to the United States Securities and Exchange Commission show a loss of $59.1 million in 2021 and a profit of $50.5 million in 2022. But, by June 2023, TMTG had lost another $23 million. While the reports don’t detail the specific financials of Truth Social, the struggles of its parent company, which oversees only two other entities — TMTG+ and TMTG News — indicate a troubling future. Truth Social’s user engagement metrics also raise some concerns.
Search Logistics notes that the platform boasts around two million active users. This is dwarfed by Facebook’s more than two billion and Twitter’s 450 million active users. In fact, in April 2022, Business Insider even described the platform as a “conservative ghost town overrun by bots.” Furthermore, TMTG’s CEO, Republican Congressman Devin Nunes, has no background in either social media or technology. However, TMTG is eyeing a merger with Digital World Acquisition Corp (DWAC) to salvage the situation.
Post source: The List
Read More: World News | Entertainment News | Celeb News
247
