Truth Social, the social media platform founded by former President Trump, lost $31.6 million from its launch in early 2022 to mid-2023, according to a recent securities filing.
In 2022, Truth Social made a profit of $50.5 million, with net sales of $1.4 million. However, it lost $23 million in the first half of this year on net sales of $2.3 million.
These numbers raise concerns about the viability of Truth Social and its parent company, Trump Media & Technology Group (TMTG).
The filing indicates that TMTG may not survive unless it completes its proposed merger with Digital World Acquisition Corp (DWAC), a special purpose acquisition company.
However, TMTG CEO Devin Nunes insists the filing is “a crucial milestone in completing our proposed merger.”
Nunes also criticized several media outlets for incorrectly reporting that the company had lost $73 million since its launch.
Truth Social has around 861,000 monthly active users on iOS and Android as of October, which is less than 1% of Twitter’s users.
Despite these challenges, Trump remains committed to Truth Social, saying it will be “a voice for me, and that’s something no one else can get.”
In a separate development, YouTube has announced that it will require creators to disclose when they use artificial intelligence (AI) to generate content.
This measure aims to increase transparency and help viewers understand when they are viewing AI-generated content.
YouTube will also add tags to AI-generated content to make it easier to identify viewers.
This is an important step in the regulation of AI-generated content and will help ensure that viewers are aware of what they are watching.
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