“The world is healing”: Internet seemingly celebrates news that Donald Trump’s website Truth Social has reportedly lost $73M

Donald Trump, the business mogul and former United States president, has taken a loss about $73 million since the inception of his social media platform Truth Social in 2022, reported the Guardian on Tuesday, November 14. As per the Hollywood Reporter, Truth Social has brought in net sales of $3.7 million since its inception.

This is in stark contrast to Trump's announcement that the company would "stand up to big tech" companies such as Twitter and Facebook, which previously barred him, thus prompting him to introduce his own brand to the world of social media in 2022.

Now, many netizens are mocking the losses raked in by Trump's platform, as the numbers were recently made public.

A fan reacts to Trump's multi-million dollar loss. (Images via Twitter/@PopCrave)

According to the Hollywood Reporter, Donald Trump agreed to make Truth Social his primary social platform in May 2022 and said that he would not post on other platforms until six hours after he sends out a “Truth."

The losses sustained by Trump's social media platform were published in a new financial disclosure from Trump Media & Technology Group’s (TMTG) Special purpose acquisition company (SPEC) merger partner, Digital World Acquisition Corp.

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Donald Trump's Truth Social platform may have trouble securing additional funding if the merger collapses

The Special Purpose Acquisition Company (SPAC), called Digital World Acquisition Corp., planned to merge with Truth Social’s owner, Trump Media & Technology Group (TMTG), and decided to make the filings regarding the media platform.

The documents revealed that in 2022, Truth Social also posted a loss of $50 million, with net sales of just $1.4 million. It also lost $23m in the first half of 2023 with net sales of $2.3 million.

TMTG's merger with Digital World Acquisition Corp. (DWAC) was initially valued at $875 million when the merger with DWAC was announced. However, as per Trump's latest financial disclosure form, his controlling stake is valued between $5 million and $25 million, according to the Hollywood Reporter.

The filing gave an open assessment of the reason for dissonance in the plans to merge with Donald Trump's TMT:

"As of June 30, 2023, and December 31, 2022, management 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."

The filing also revealed that if the merger collapses, the platform might face significant trouble in securing funding:

"TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World."

Netizens seemed undeterred by the news of Donald Trump's losses, with many taking to social media to poke fun at the situation.

The filing documents also stated that the streaming video service is no longer viable because of the losses suffered by the company. It added that in March 2023, the parent company TMTG also removed several positions:

"On March 1, 2023, TMTG eliminated several positions. This action followed a review of all departments, most significantly impacted TMTG’s streaming video on demand (SVOD) and infrastructure teams."

The Securities and Exchange Commission, an independent agency of the United States federal government also discussed the merger deal with Digital World Acquisition Corp, as per Reuters.

Donald Trump has not given any official statement on the matter.