Truth Social and Trump: Down the Drain.

Gee, what a surprise! The Truth Social media deal is going bust — right before our eyes.

Yesterday the company filed a disclosure with the SEC covering its financial situation for the first half of this year and they have lost $23 million between January 1st and he end of June, on top of $50 million that they lost in 2022.

You can look at the actual filing right here, but where the document really gets interesting are pages 141–142, which illustrates one basic fact, namely, that nobody’s interested in advertising their goods and services on an internet venue owned by Donald Trump.

For all of 2022, the company racked up a whole, big revenue number of $1,369,000 and spent more than $24 million on operations and related costs.

For the first six months of this year, the company has upped its revenue to $2,226,000 and cut its costs to just under $9 million bucks. But in order to stay in business, the company also had to pay out more than $22 million this year in interest, which means their overall loss in 2023 is just shy of $23 million so far this year.

In other words, Trump’s attempt to cash in on his name in social media hasn’t worked. And the reason it hasn’t worked is very simple, namely, that what makes social media so popular is the extent to which users can trade content…