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Truth Social Has Lost A Ton Of Money And Is In Peril, Report Says
Source: HuffPost
Nov 14, 2023, 11:28 AM EST
Donald Trump can rant all he wants on Truth Social ? for now. A new filing about the former president’s right-wing social media platform raised serious doubts about its viability, The Hollywood Reporter reported on Monday.
Truth Social has lost $73 million since debuting in February 2022, prompting a grave forecast from independent accountants for Truth Social’s owner, Trump Media & Technology Group. The concerns were reportedly revealed in a financial disclosure filed by the company’s SPAC merger partner, Digital World Acquisition Corp.
“TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” the filing reads, per The Hollywood Reporter.
Debts were piling up fast as of June 30, 2023, according to the financial disclosure. “Management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG,” the filing adds. The parent company of Trump’s Twitter knockoff is hoping to go public via the merger.
Read more: huffpost.com |
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