CNN has a brief report on the full year SEC filing. Please click the link to read the full SEC 8k filing here. The links to the appendices with the financial statements are here and here, and the unaudited pro-forma is here. The big issue to me isn’t that Truth Social lost money on net in 2023. Lots of good and growing companies lose money at first. The big issue is that Truth Social has virtually no revenue. This is a scam through and through — Trump uses this vehicle to pay his cronies, with no plan for actual revenue generation as an on-going business. Here’s the (lack of) money quote from CNN:
The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.
I have to run and don’t have much to add at this point, but the story of this scam and where the money that props up the stock price is coming from seems to me the biggest story of the campaign season so far. This is an extremely important back channel for dark (and probably foreign) money to Trump’s wallet, which is essentially also his campaign.