The former President who was banned from all the leading social networking apps, launched his SNS abode in 2021. Since then Truth Social has lost $73 million, as per the latest securities filing. These concerning numbers have netizens wondering whether Donald Trump is losing his supporters and votes. Let’s explore the recent revenue of the app and its effects on the 2024 elections.
Digital World Acquisition Corp reveals Truth Social revenue details
Donald Trump‘s primary social media app is attempting to win investment from Digital World Acquisition Corp. The recent securities filing highlights that the company Trump Media & Technology Group (TMTG) has lost millions of revenue. The document also states that if TMTG fails to secure a merger then it might be unable to garner funds from elsewhere.
‼️BREAKING: Trump’s Truth Social may be forced to SHUT DOWN after its parent company reported huge losses — almost $23 million lost in the first half of this year alone! Today’s securities filing marks the first time any financial details about the company were shared publicly. pic.twitter.com/Wt24DCTX8s
— Jon Cooper 🇺🇸 (@joncoopertweets) November 14, 2023
Apart from the above-mentioned struggles, which can directly affect the company’s liabilities including those related to formerly issued promissory notes, the loss is also affecting other departments of TMTG. To tackle this crunch in revenue, TMTG has laid off many of its workforce and put its venture in streaming networks on hold.
This securities filing has spread concerns among supporters of the former president while simultaneously, turning into a meme fest. Many of the netizens believe that the recent failures of Donald Trump’s businesses indicate a lack of support which can directly affect his standing in the upcoming presidential elections.
Truth Social has lost $73 million in 2 years of operation.
But sure, go ahead and tell me how Donald Trump is such a successful businessman.
— Tristan Snell (@TristanSnell) November 15, 2023
Has the supporters of Donald Trump’s 2024 elections campaign decreased?
To better understand the popularity of former president Donald Trump in the upcoming elections, let us take a look at the ratio of active Truth Social users and the latest pre-election survey reports:
Truth Social topped the charts as one of the most downloaded apps during its launch but the total users are still far less compared to other leading platforms. The current active users of the app are estimated at 2 million, a small number as opposed to over 500 million and 2 billion users of X and Instagram, respectively. One of the major reasons for the decline in downloads and active users is the app’s political background.
On the other hand, the recent pre-election polls conducted by Morning Consult show that Donald Trump is leading the election with 1% more votes than Joe Biden. If the elections were held today then Donald Trump would have won; despite, a great number of voters’ unfavorable opinions towards both the leading candidates.
I have a question.
If Donald Trump says he has all the votes he needs and his supporters claim that there are between 74 million and 80 million of them who will votes for him and they all hang on his every word, why does Truth Social only have 2 million subscribers?
— Grumpy Old Al (@ConservativaPol) November 14, 2023
After looking at the greater picture, we can conclude that the biggest effects of Truth Social’s revenue difficulties will be upon the platform rather than the supporters of the Republican leader. The users of the app are also composed of his loyal fanbase whose presence dominates in the pre-election polls. Therefore, Donald Trump is only in a financial pickle while his presidential campaign is progressing as expected.
