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Donald Trump is now struggling with a tragic new update about his already collapsing business empire. Truth Social, the social media network he founded, has lost around $73 million in net revenues since its early 2022 launch, new filings have revealed. In a recent filing, Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC) that aims to take Trump Media and Technology Group (TMTG) public, stated that it had lost money in less than two years since its creation.
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With $1.4 million in revenue, Truth Social’s parent company, TMTG, lost more than $50 million in its first fiscal year, which ended in December 2022. It then lost an additional $23 million on $2.3 million in sales in the first half of 2023, CNBC reported. The announcement of the losses coincides with Trump facing several criminal probes while he’s still the front-runner in the polls for the Republican nomination in 2024. In October, incumbent President Joe Biden’s campaign amassed more followers on Truth Social than the account of Donald Trump did.
