Donald Trump Ally Unveils Plan to Save Truth Social

A Donald Trump ally has outlined planned changes to Truth Social, as its stock price continues to fall.

Trump holds almost 60 percent of Trump Media & Technology Group (TMTG), which runs the social media platform as its primary asset. But since going public earlier this month, its stock value has declined, raising concerns.

Speaking on conservative network Real America's Voice, Devin Nunes, the CEO of Truth Social and a former GOP California congressman, said he had "big news" to unveil about the platform.

"We're trying to take the best of Instagram, Facebook, Twitter, Reddit, TikTok, put it into one app, well we're now going to have the ability for canceled TV programs and or maybe not canceled but maybe not allowed on all the platforms," he said. "You'll be able to actually watch television within Truth Social."

A TMTG spokesperson said: "Truth Social created a free-speech beachhead against Big Tech for a fraction of the start-up and operating costs that the legacy tech corporations incurred. We have no debt, more than $200 million in the bank, and the support of hundreds of thousands of retail investors, who fervently believe in our mission."

Truth Social launched in February 2022, about a year after Trump was banned from X and Facebook for posts about the Capitol riots. He has since been reinstated to the platforms, but opts to use Truth Social, alongside some 500,000 active users through iOS and Android platforms.

X, on the other hand, had 75 million users, while Facebook registered 142 million active users.

Shareholders of Digital World Acquisition Corp. (DWAC), an existing shell company, agreed to merge with TMTG earlier this year, clearing the way for the former president's company to go public.

When the group debuted on the stock market, shares under the ticker "DJT" initially surged above $78, closing their first day of trading 16 percent higher at $57.99 and giving the company a valuation of $11 billion. The value of each TMTG share reached $71.9 on March 27, before its profit and loss figures were released.

But on Wednesday, Google Finance data showed the value of each share at $22.84.

A regulatory filing to the Securities and Exchange Commission earlier this month revealed that Truth Social made just over $4.1 million in revenue in its last operating year, but racked up $58.2 million in costs. It revealed an operating loss of almost $16 million.

BF Borgers of Colorado, an auditor for the company, said the losses "raise substantial doubt about its ability to continue as a going concern," according to the filings.

Speaking to Fox News earlier this month, Nunes defended the platform's financial situation and said the company was "well positioned."

"We are looking at the whole ecosystem, whether that's through acquiring technology or whether that's through building technology," he said. "Those are all the issues that we're focused on and including, you know, making sure that we're dealing with like a three-year plan here where we can go out and put this whole company together where we're not relying on big tech."

Update 04/17/24 at 11 a.m. ET; This article was updated to add comment from a TMTG spokesperson.