Donald Trump’s social network Truth Social lost a staggering $58 million in 2023, with SEC filings showing Monday that the website and app, which went public last week, lost momentum as the year went on.
Trump Media said it generated just $751,000 in advertising revenue in Q4, an over 25 percent decrease from the more than $1 million it pulled in the previous quarter. The filings list advertising revenue from Truth as Trump Media’s only revenue stream.
They revealed that most of Truth’s expenses are tied to debt. The company sought a cash infusion by going public last week, calling on those with fat pockets to invest in the network that’s dominated by Trump’s daily, often all-caps rants. It listed its valuation last week as being more than $8 billion, of which Trump owns about $4.6 billion.
