Critics of former president Donald Trump are relishing the news that the former president’s online platform, Truth Social, has lost $73 million since its founding in 2022 according to the Guardian, whereas the Hollywood Reporter says the social media site has returned net sales of $3.7 million.
A Bold Prediction
Trump previously claimed that the company would “stand up to big tech” corporations like Twitter and Facebook, who suspended him following his role in the capitol insurrection on January 6, 2021.
Loyal to His Company
After setting up Trump Social, Trump declared that he would make it his primary vessel for online communication and that he would wait six hours to post on other platforms after sending out what he calls a “Truth.”
Truth Social’s losses were revealed in a financial disclosure from Digital World Acquisition Corp. (DWAC), a merger partner to Trump Media & Technology Group’s (TMTG) Special Purpose Acquisition Company (SPAC).
A Failure from the Start
Of that $73 million, $50 million was lost in 2022, which saw sales of just $1.4 million. The other $23 million in losses were sustained in the first half of 2023, which generated sales of $2.3 million.
The Merger Value
The merger between TMTG and DWAC was valued at $875 million when it was announced, but according to Trump’s most recent financial disclosure form, his controlling stake is worth between $5 million and $25 million.
The filing revealed that if the merger falls through, the platform may struggle to secure additional funding.
People online were overjoyed to hear about Truth Social’s lack of success. One person joked that Trump had “The Minus Touch,” implying that every business Trump gets involved in is destined to fail. Someone else joked that the losses make it “one of Trump’s more successful businesses.”
Trump’s Other Businesses
Another poster wrote out a long list of Trump’s “failed businesses” which included Trump Shuttle, Trump Mortgage, and Trump University. They also noted that an additional six of Trump’s companies have sought bankruptcy protection.
Disbelief at Trump’s Failures
People were shocked to learn how many businesses Trump had attempted and failed. One forum user confirmed: “All of them failed, and the school was found to be straight-up fraudulent.” Another person shared that “his casinos did so poorly that Atlantic City as a whole got decimated economically.”
An Expected Flop
One forum commenter replied that even though Trump is bad at business, his social media platform was never likely to be a hit, stating that: “It’s easy to clown on Trump being a business failure since he is, but this is par the course for most conservative sites and outlets.”
Pumping Out Propaganda
They continued, “Fox was about the only one to turn a profit, all the rest are huge money pits that only stay afloat because they get pumped with billionaire dollars to keep pumping out propaganda. Conservatives can’t run business for s—, yet they claim they’re great at it. It’s all a lie.”
Trump’s Inflated Valuations
One contributor joked, “If you ask Trump, it’s probably worth $1.5 billion,” referencing Trump’s ongoing business fraud case in New York in which he has been accused of inflating the value of several of his properties. This includes his Mar-a-Lago resort in Florida, which he has claimed is possibly worth up to $1.5 billion despite a judge recently valuing it as just $18 million.
Several people pointed out how nearly every single one of the former president’s businesses has had ‘Trump’ in the company name. Another contributor referenced Trump’s evident narcissism, stating: “It costs a lot to be a narcissist.”
A Money Laundering Scheme
Numerous people speculated that Truth Social was set up as a money laundering scheme, with one contributor declaring that the $73 million in losses were “not lost. Laundered.” Another user ventured that “people mistakenly show Trump as a failure in business dealings, they’re not taking into account the true nature of his business.”
They elaborated, “It’s to launder money. His businesses show massive losses each year as a way to cheat on taxes and to bring in money from overseas and clean it,” whereas someone else countered that “it would be a mischaracterization to describe all his businesses this way.”
Comparisons to Elon Musk
Some of the members compared Trump’s losses with Truth Social to Elon Musk and his purchase of Twitter, now known as X. One poster wrote: “Amateur league… Twitter/X has lost 333 times as much, and in half the time!”
Maintaining MAGA Support
Many people resigned themselves to the fact that this new information would not turn anybody off of Trump and that by now, his supporters are aware of his personality flaws and criminal behavior, but view them as positives. “All the investors he fleeced will admit they’re still gonna vote for him,” one poster said.
“Go Bigot, Go Bankrupt”
One commenter declared: “Go Bigot, Go Bankrupt,” playing on the popular Republican phrase “Go Woke, Go Broke,” which suggests that the American public does not wish to financially support companies and other endeavors with socially progressive values.
Truth Social’s Real Purpose
People agreed that Truth Social was not intended to make money for Trump, with one poster declaring: “It doesn’t exist to make profit; it exists to spread and organize hate.” Another person concurred, “The point was never to make money, same with Twitter. Owning propaganda distribution networks isn’t cheap, but the cost was built in for the investors.”