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Truth Social made 1000 times less money than X last year

Figures ‘raise substantial doubt’ about app’s ability to stay in business

Anthony Cuthbertson
Tuesday 02 April 2024 14:37
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Truth Social generated just $4.1 million in revenue in 2023, according to an SEC filing on 1 April, 2024
Truth Social generated just $4.1 million in revenue in 2023, according to an SEC filing on 1 April, 2024 (Reuters)

Donald Trump’s Truth Social app earned just 0.1 per cent of the revenue of Elon Musk’s X app in 2023, new figures reveal.

Regulatory filings on Monday showed the social media platform generated just $4.1 million in sales last year, while net losses totalled $58.2 million.

The disclosure to the US Securities and Exchange Commission (SEC) comes less than a week after the company made its stock market debut, which saw the company valued at more than $11 billion.

Ahead of Twitter’s initial public offering (IPO) in 2013, the company was pulling in $665 million in revenue – more than 100 times that of Truth Social before its IPO.

Since it was taken private by Elon Musk in 2022 and renamed X, the company no longer needs to publish its earnings, however its annual revenue for 2023 was estimated to be around $3.4 billion – 1000 times greater than Truth Social.

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Both revenues and user numbers also appear to be falling for Truth Social, with fourth-quarter sales of just $751,000 down 39 per cent from the same period in 2022.

Truth Social previously said that more than 8 million people have signed up to the app, though figures from analytics firm Similarweb put the number of monthly active users in February below half a million.

This compares to the 3 billion users who log in to Facebook every month, according to Meta’s latest investor report.

Its arrival on the stock market boosted Mr Trump’s net worth by several billion dollars, which saw him join the Bloomberg Billionaires Index of the 500 wealthiest people in the world for the first time.

Shares of Truth Social owner Trump Media & Technology Group dropped by more than 20 per cent after the company disclosed its earnings and losses on Monday.

This drop saw the estimated net worth of the former US president fall by more than $1 billion.

US account firm BF Borgers CPA PC, which has worked with Trump Media since 2022, said it had doubts about the company’s ability to continue operating given its financial situation.

“Operating losses raise substantial doubt about its ability to continue as a going concern,” the firm noted in a filing the day before Trym Media started trading on the Nasdaq stock exchange.

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