The social media platform "Truth Social," owned by former U.S. President Donald Trump, lost $327.6 million in the first quarter of 2024, according to an announcement on Monday by the parent company, Trump Media & Technology Group. The American website Axios noted that "these numbers are considered very bad." The parent group of "Truth Social" earned less money between January and March of this year compared to the same period in 2023.
The enormous loss is largely attributed to one-time expenses related to the merger of "Trump Media & Technology Group" with "Digital World Acquisition" in March, which was specifically established to merge with another company for business operations, serving as the method for going public. However, the Trump group is not close to profitability with its platform, which does not disclose user numbers, unlike other social media companies that publicly share their user figures.
The Republican candidate for the upcoming presidential election in November 2024 founded "Truth Social" when he was permanently banned from Facebook and Twitter (now X) due to the "risk of further inciting violence," as stated by the two platforms at that time.
