Trump’s Truth Social Has Lost $73M Since Launch, New Filing Shows
Trump’s Truth Social Has Lost $73M Since Launch, New Filing Shows
The company that TMTG is planned to merge with, DWAC, broke out the surprising results in a securities filing Monday.
The funniest thing about Truth Social is that it’s a fork of Mastodon.
Mastodon.world cost $1200 to run last month. And running it was hobby-level effort by a guy who admins lemmy.world AND has a proper day job and family.
They’re selling ads and have a couple web devs to tweak their version of Mastodon, and they can’t even pull in enough ad revenue to make that work. 😆
Fucking clown shoes.
145Just means it's another grift where someone is getting paid but the people doing the actual work probably aren't.
44TIL lmao
18But how does Mastadon embezzle millions from their product and only have a cost of $1200? Thats impossible, I don't see any of them hiring shitty football players to be assistants so they must be doing something wrong.
18It's so nice to see someone else use "fucking clown shoes" as an insult. Made my day 🤣
13Holy shit that's funny.
10How the hell is M.World costing $1200 a month ! ? Its not that heavy on activity. Uni or Mastodonapp.uk probably has more and costs less to run. I mean I run cupoftea.social with 5000 users at £80 a month.
7They openly post their finances, you can take a look: https://blog.mastodon.world/
The $1200 is for both mastodon.world and lemmy.world combined, but yeah. Most of it (80%) is going towards Hetzner, which is their cloud storage/hosting provider.
18It's the kind of site that's cheap on networking (activity), but costly in storage and search/filtering from a very large database.
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Permanently Deleted
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Clone Twitter, a famously unprofitable business, then remove cool celebrities and fill it with Nazis, misogynists, and other people that advertisers and their customers hate.
Profit?
42Why clone it when you can do the same by just buying it?
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The amount of evidence it has gathered for future FBI investigations?…priceless
34It would be interesting if someone could calculate the amount of prison time and damages that came as a result of people using his platform.
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I know people who ostensibly voted for this chode because of his businesses acumen.
31to whom?
who got the money?
23Since launching in early 2022, former President Donald Trump‘s Truth Social took in $3.7 million in net sales, and lost $73 million.
The loss is, presumably, the amount of money they spent that year in operating costs, etc.
In business, a loss is when a company’s expenditures are more than its income. It’s not like the money is “lost” as in “missing” or “lost in a bet” at a casino. Truth Social spent more money than it made in 2022, which means they operated at a loss for 2022.
21I find it hard to believe that a website the size of Truth Social (i.e. pretty small.... They have a total of 2 million users, a generous 15% of them might be active. It isn't Twitter) managed to rack up $73 million in costs over a single year of operation.
I see two possibilities. Either whoever is hosting them is charging them a stupendously exorbitant amount of money to keep their website online, because they hate them or because they know they have Trump & Co in a vise and can charge whatever they want; or else a lot of "operating costs" look like the inside of various pockets. Perhaps both. Probably both, now that I think about it, though I suspect the latter quite a bit more.
25So they've paid Trump $73 M for exclusivity and brand. Got it.
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Those are rookie numbers. Some guy lost 500 times more on another social media platform in a shorter timespan.
21Serious question, because I refuse to even subject my eyeballs to that dime-store-knockoff: Is anyone besides Trump himself actually posting on there?
All I ever see is his own drivel. I've posted youtube videos with more likes. I've never seen anyone not named Trump even post there.
How is a site that exclusively caters to the stream of consciousness of exactly one person supposed to make money? Especially when that stream of consciousness is going to be covered by every major network anyway? Even if you're a die-hard MAGA supporter, there's literally no reason to go onto the site. Just watch Newsmax. They'll cover it anyway.
It baffles me that he even got funding for this. I don't care what people think of his politics; there was never a scenario where this business model was ever going to work.
8I've never been on there, but I am inclined to think that there is at least a small group of die hards that post there. I have seen quotes from other posters on there on various news articles. Interestingly, Joe Biden (or at least his campaign staffers) now have a presence on there which I find hysterical. I think that's basically tantamount to trying to convert the Pope to pastafarianism but maybe a few people over there haven't had their brains fall out completely (not that Biden is the ideal president but he's far better than Trump).
5My guess is that Biden's presence is simply just opposition research.
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LOL! Amazing businessman. LOL!
6This is the best summary I could come up with:
The numbers were revealed in a new financial disclosure from TMTG’s SPAC merger partner Digital World Acquisition Corp.
The filing indicates that, if TMTG is unable to complete the merger with DWAC, and receive the pot of money on the line, it may not survive.
The amended S-4 filing also broke out a number of updates and risk factors related to the company, including the fact that the long-planned streaming video service appears to be off the table for now.
The filing makes no mention of the service (which was teased with conservative comedy specials and “Trump-specific programming”) except in relation to layoffs.
“This action followed a review of all departments, most significantly impacted TMTG’s streaming video on demand (SVOD) and infrastructure teams.”
In May of 2022, Trump agreed to make Truth Social his primary social platform, agreeing not to post on other platforms until 6 hours after he sends a “Truth.” However, since initially signing the deal with TMTG, Elon Musk acquired Twitter and reinstated Trump’s account (he also rebranded it as “X.”)
The original article contains 576 words, the summary contains 174 words. Saved 70%. I'm a bot and I'm open source!
5management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG
i hear another Trump Bankruptcy Train 'a comin down the tracks wooo woooo
5$73millions to manipulate your followers through unhinged tirades against your political enemies and destabilize a nations government - Putin says, "worth it!"
4Permanently Deleted
4Good.
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