New figures show that Donald Trump’s Truth Social app earned just 0.1 percent of the revenue of Elon Musk‘s X app in 2023.
Documents submitted to the regulator on Monday showed that the social media platform generated just $4.1 million in sales last year, with the net loss reaching $58.2 million.
These documents were filed with the US Securities and Exchange Commission (SEC) less than a week after the company entered the stock market with a valuation of over $11 billion.
Before Twitter’s initial public offering (IPO) in 2013, the company generated $665 million, more than a hundred times Truth Social’s pre-IPO revenue.
Since Elon Musk took Twitter private in 2022 and renamed it X, the company is no longer required to publish earnings, but its annual revenue in 2023 is estimated at around $3.4 billion, a thousand times more than Truth Social.
While it is understood that both Truth Social’s revenues and user numbers have declined, its Q4 sales decreased by 39 percent compared to the same period in 2022 and were recorded as only 751 thousand dollars.
Previously, Truth Social said that more than 8 million people had signed up for the app, but figures from analytics company Similarweb show that the number of monthly active users in February was less than half a million.
In contrast, according to Meta’s latest investor report, 3 billion users log in to Facebook every month.
The company’s entry into the stock market boosted Trump’s net worth by several billion dollars, putting him on the Bloomberg Billionaires Index of the world’s 500 richest people for the first time.
Shares of Trump Media & Technology Group, owner of Truth Social, fell more than 20 percent after the company announced earnings and losses on Monday.
With this decline, the former US President’s estimated net worth fell by more than $1 billion.
The US-based accounting firm BF Borgers CPA PC, which has been working with Trump Media since 2022, had expressed doubts about the company’s ability to continue operating given its financial situation.
In a statement the day before Trump Media began trading on the Nasdaq stock exchange, the company said:
Operating losses cast great doubt on the company’s ability to continue to survive.
