The company behind former President Donald Trump’s Truth Social platform lost almost $6.5 million in the first half of this year, Newsweek reports.
Digital World Acquisition‘s latest filings with the U.S. Securities and Exchange Commission (SEC) reveal a net loss of $6,225,776 from January through June 2022. The company’s stock has plunged in recent months as well, declining to $27.52 per share as of Friday — a nearly 72 percent drop.
In its filing, the company warned that Trump could do more damage to its bottom line.
“If President Trump becomes less popular or there are further controversies that damage his credibility or the desire of people to use a platform associated with him, and from which he will derive financial benefit, TMTG’s results of operations, as well as the outcome of the proposed Business combination, could be adversely affected,” the filing reads.
But in a post to Truth Social this Saturday, Trump denied the platforms reported financial troubles.
“The Fake News Media is devastated by how well TRUTH is doing so, quite on cue, they are working overtime to criticize and demean it. Actually, many of the big guns in Washington, D.C., are fighting to stop the TRUTH but, they won’t be successful. They are going after the outside financial company, and virtually anybody that walks and breaths, but that won’t do it. They said it is doing worse since the Raid, but actually it is doing MUCH better, up more than 550%. We all love TRUTH!!!” he wrote.
Downloads for Truth Social soared earlier in August after FBI agents served a search warrant on Trump’s Mar-a-Lago resort in Palm Beach.