More news emerged yesterday about Donald Trump’s crumbling business empire. After launching his own social media platform, Truth Social, in early 2022, new filings reveal it has lost around $73 million in net sales.
The financial disclosure form was made by Digital World Acquisition Corp. (DWAC). It’s a merger partner with Trump Media & Technology Group (TMTG). Trump launched TMTG in 2021, boasting it would rival tech giants such as Facebook.
The Hollywood Reporter was the first to pick up the story. The filings reveals that in 2022 Truth social lost $50 million and made just $1.4 million net sales. It fared slightly better this year, bringing in $2.3 million in sales but again losing $23 million so far.
Ouch.
Trump’s stake in Truth Social is believed to be worth somewhere in the region of $5-$25 million
It doesn’t take a business genius to work out the situation is dire. The filing itself notes, “[Trump Media & Technology Group’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 merger between TMTG and DWAC has not yet completed. DWAC states that if Truth Social doesn’t start generating a lot of money quickly, the merger will fall through.
The merger would have provided Truth Social with a much-needed injection of cash. If it doesn’t happen, TMTG could go under.
If Truth Social ever stood a chance of prospering, it took a hit when Elon Musk took over Twitter a year ago (since renamed X). The Tesla boss subsequently allowed back many of the extremist figures and MAGA voices that had been previously banned. He even reactivated Donald Trump’s account, although the former President has only used it to post one tweet.
Meta’s launch of Threads would also have impacted Truth Social. Figures in the Biden administration have begun to post on it, including Transportation Secretary Pete Buttigieg and parts of Biden’s campaign team. They were unlikely to flock to Truth Social.
Legal woes
For those following Donald Trump’s legal woes, further developments occurred yesterday.
After pleading guilty last month to her role in the attempt to overturn election results in Georgia, former Trump attorney Jenna Ellis is now cooperating with prosecutors. In an interview, she told them that in late 2020, the then President did did not plan to leave the White House “under any circumstances.”
EXCLUSIVE: ABC News has obtained video from Georgia prosecutors' interview with ex-Trump attorney Jenna Ellis, in which Ellis tells them she was personally informed by a top Trump adviser that Trump was "not going to leave" the White House — despite losing the 2020 election.… pic.twitter.com/J9c4bm9cbZ— ABC News (@ABC) November 13, 2023
Ellis recalled a conversation she had with former White House official Dan Scavino just before Christmas 2020.
She “emphasized to him I thought the claims and the ability to challenge the election results was essentially over.”
“He [Scavino] said, ‘The boss is not going to leave under any circumstances. We are just going to stay in power,’” Ellis said. “And I said to him, ‘Well, it doesn’t quite work that way, you realize.’ And he said, ‘We don’t care.’”
Trump, of course, was forced to depart the White House the following January to make way for Joe Biden.
Attorney General Letitia James throws shade at Don Jr.
Meanwhile, Trump’s defense team began their arguments yesterday in Manhattan. His eldest son, Donald Trump Jnr. returned to the stand. He spent the majority of his time attempting to convince the court his father is a real estate genuis with a profitable business and unique portfolio of properties.
He spent an hour presenting a slideshow on the history of the Trump Organization and its achievements.
Donald Trump Snr, sons Don Jr. and Eric, alongside the Trump Organization, faces charges of inflating the value of properties in order to obtain loans (which they deny).
One person unimpressed by Jr’s slideshow was New York State Attorney General Letitia James. She posted a withering video response on X. Watch below.
Today, Donald Trump Jr. took the stand to try to defend his family’s fraud.
Rather than respond to any legal claim against him and his family, Trump Jr. spent his time talking through pictures of Trump properties.
pic.twitter.com/7s1tEoPc9y— NY AG James (@NewYorkStateAG) November 14, 2023
