Accountants Warn Truth Social Could Face $23 Million Loss and Possible Survival Threat

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Financial Struggles:
– Trump Media & Technology Group, owner of Truth Social, has reported only $2.3 million in sales through June 2023, while experiencing a loss 10 times that amount.
– Accountants have expressed “substantial doubt” about the company’s ability to continue operating as a going concern.

Burning Through Cash:
– Trump Media ended June with only $2.4 million in cash, down from $19 million a year earlier.
– The company reported an operating loss of $23.3 million in 2022, raising concerns about its ability to pay liabilities and meet obligations to lenders.

Potential Merger with DWAC:
– Despite financial challenges, a pending deal with Digital World Acquisition Corp. (DWAC) could provide the funding needed to address obligations and drive growth.
– The filing marks a crucial milestone in the potential merger with DWAC, offering hope for the company’s future.
Donald Trump’s highly anticipated social media platform, Truth Social, has faced a substantial loss of $23 million and may not survive, according to warnings from its accountants.

The platform, which was launched by the former US President as an alternative to mainstream social media platforms, has struggled to gain traction since its release earlier this year. Despite initial excitement and a strong following from Trump’s supporters, Truth Social has failed to attract a large user base and has been plagued by technical issues and glitches.

The $23 million loss comes as a significant blow to the platform, which had already been struggling to generate revenue. The accountants have cautioned that if Truth Social fails to turn things around, it may not be able to continue operating in the long term.

The news comes as a disappointment to Trump, who had hoped that Truth Social would become a major player in the social media industry. However, the platform has faced criticism for its lack of originality and its failure to offer a compelling alternative to existing platforms.

Despite the setbacks, Trump remains committed to the success of Truth Social and has vowed to continue supporting the platform. However, with mounting financial losses and a dwindling user base, the future of Truth Social remains uncertain. As the platform continues to struggle, it remains to be seen whether it can overcome its challenges and establish itself as a viable competitor in the social media landscape.

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