Looking for the Truth Social Net Worth in 2023? If yes, you have stumbled upon the right webpage.
So, without any further ado, let’s get started –
Truth Social is a social media platform launched by the Trump Media and Technology Group, a media and technology company founded by Donald Trump in October 2021. The former US President founded the social media platform after being banned from Facebook and Twitter in 2021.
Truth Social is owned by Trump Media and Technology Group, and Devin Nunes is the company’s current CEO. The headquarters of Truth Social is in Sarasota, Florida. Truth Social net worth is around $730 million as of 2023.
He posted for the first time in February and made his second post on April 28, 2022. He became more active and started posting more frequently after April 2022. This helped in the increase of Truth Social net worth.
Trump Truth Social is available for all users across the United States, Canada, and Brazil, and the app is available for all users of iOS and Android, and one can even use it on the web.
Truth Social Net Worth 2023
Truth Social net worth is estimated to be more than $700 million. The app was downloaded almost 1.5 million times from the app store and had 1.3 million people on the waitlist.
The initial Truth Social net worth was almost 430 million after it launched for iOS users and was ranked number one in the Apple store.
The Downfall of Truth Social
As soon as Truth Social was launched, it gained massive attention. The iOS app was ranked number one on the Apple store for the most downloads on the day of its launch, pushing Twitter to the second position. Soon the app suffered a 90% decline in overall downloads and growth.
Truth Social Users started to find the app boring due to a lack of active users and new content. Only a few users used the app for interacting or for news.
Truth Social lost over $6 million in the first half of 2022. It didn’t generate any revenue. The app only holds $293 million in a trust that accommodates most of its assets. The company owes RightForge at least $1.6 million in backdated payments. RightForge is a conservative internet infrastructure company that provides its hosting services to Truth Social.
While the company stopped paying to RightForge in March, its CEO Martin Avila stated that “the company is “committed to servicing” Truth Social. The platform might lose the hosting services if Truth Social doesn’t clear payments in time.”
Digital World Acquisition Corp. was set to acquire the Trump Media and Technology Group, but the merger was postponed almost six times.
The company faced difficulty dealing with regulatory issues as it needed good policies. The platform promoted free speech but did not have any regulations or censorship policies for omitting posts and accounts that posted and promoted violent and threatening content.
Truth Social was also found to shadowban accounts that disagreed or threw shade upon the platform’s narrative. This was why Google Play Store rejected the app because it did not meet the requirements.
Elon Musk also said that Truth Social only existed because of Twitter restrictions. He also joked that the app’s name should be “Trumpet” instead of Truth Social.
Although the popularity of Truth Social and the share price of DWAC did rise after Elon Musk’s comments, it was short-lived. As soon as it was announced that Elon Musk was buying Twitter, the share prices of DWAC fell again.
Who funded Trump’s Truth Social?
Initially, the company had reserved $1 billion in funding. The company also pooled $38 million funds in debt. The question is that who provided these funds for Truth Social? Trump did not provide these funds. The funds were invested by various people like former Trump appointees, staff informers, and an oil tycoon with political ties.
The Texas oil company president Karl Pfluger, also the brother of Congressman August Pfluger, has invested about $10 million in Truth social since December 2021. Karl has been an open supporter and endorser of Donald Trump. He was one of those politicians who voted against affirming the results of the 2020 election.
Patrick Walsh, CEO of Empire Holdings, has invested $6.2 million. Empire Holdings is a company that manages multiple gym brands.
Kenny Troutt, a Texas telecoms billionaire, has invested over $4 million in Truth and donated to Trump before.
Roy Bailey was the co-finance chairman for Trump’s 2016 election campaign, who later became a lobbyist for the administration and gave at least $200,000 towards Truth.
George Glass, a real-estate developer from Oregon, invested almost half a million in funds and was appointed the US Ambassador to Portugal during Trump’s presidency.
Also, Read | Truth Social Verification Process – How To Get Verified On Truth Social
Bob McNutt, the CEO of a mail-order fruitcake company, contributed $100,000 to Trump’s social media platform.
Does Truth Social Help Trump’s Net Worth?
The former US President Donald Trump’s net worth is a whopping 3.2 billion dollars today. It was reported that Trump’s net worth rose through the Trump Media and Technology Group venture, Truth Social.
This app has reportedly added almost $730 million to his net worth. The project launched in February 2022 had around $430 million worth in the initial months, eventually adding to Donald Trump’s net worth.
Also, Read | How to change Truth Social Username on an existing account?
FAQs
Is Truth Social Available for Android?
Yes! The social media app is available for Android, iOS, and web browsers. Earlier, the app faced rejection from The Google Play Store due to issues with its regulatory policies. Still, after moderating them, the app is now available on the Google Play Store for Android users.
Does Truth Social have a direct message option available?
After receiving the updates, the app now offers a direct message option to its users for up to 500 characters. The users can directly message their fellow users on the app.
How much is the Truth Social net worth?
The exact numbers of Truth Social’s net worth cannot be figured out, but the app reportedly added almost $700 million to its founder, Donald Trump net worth.
Who is the CEO of Truth Social?
The current CEO of Truth Social is Devin Nunes. Donald Trump founded the company in 2021, and the American media and technology company Trump Media and Technology Group owns it.
When was Truth Social launched?
The social media app was founded on October 20, 2021. The services of the app were launched on February 21, 2022.
Is Donald Trump still banned from Twitter?
No, when the leading social media platform Twitter was purchased by Elon Musk in October 2022, he lifted the ban on Donald Trump’s Twitter account in November. Although Trump still hasn’t used his Twitter account, he’s still using Truth Social.
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