Trump's Truth Social blasts reports of financial trouble as 'knowingly false bar talk'
Trump Media & Technology Group says it is launching advertising on social platform, points to $15 million in recent financing.
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Former President Donald Trump's social media company says media reports it is in financial trouble are "knowingly false bar talk," pointing to regulatory filings showing it raised more than $15 million and has enough operating capital until at least next spring.
Trump Media & Technology Group (TMTG) provided Just the News with a defiant statement on Sunday after Just the News inquired about speculative reports in Fox Business and The Washington Post suggesting the parent company behind the Truth Social app was cash-strapped.
But TMTG told Just the News it was launching its first advertising on the Truth Social app, which experts expect could generate millions of ad impressions a day, and that the new revenues would augment $15 million in bridge loans raised earlier in the year that was projected in a Securities and Exchange Commission filing to cover the company's operating through next April.
The company also flexed its muscle a few weeks ago when it helped country music star John Rich launch a new song that instantly soared to #1 on the Apple Music charts
"Truth Social is on strong financial footing, as evidenced by TMTG's ability to recently raise $15 million in bridge funding," the company said in its statement. "Any assertion to the contrary is knowingly false bar talk maliciously designed to harm Truth Social investors.
"Moreover, these falsehoods are easily contradicted by both publicly available filings and Truth Social's latest accomplishments, which include propelling country music star John Rich's new single to #1 on iTunes for nearly two weeks. As part of TMTG's revenue plan, Truth Social will soon begin running advertisements on the platform, allowing businesses to interact with Truth's extraordinarily engaged audience."
The new statement to Just the News comports with a financial picture TMTG painted in a SEC filing earlier this year with a Special Purpose Acquisition Company or SPAC seeking to merge with the firm.
"During the period January 2022 through March 2022, TMTG raised additional bridge funding of $15,360,000," the SEC filing said. "The directors believe that the Company will have sufficient funds to meet its liabilities as they fall due for the 12-month period ending April 30, 2023."
While some mainstream media continues to suggest Truth Social is off to a slow start, many conservative media celebrities that use the platform report that it is generating large engagement and page views. Since early summer, Truth Social has become one of the largest referral sources of traffic to the Just the News web site.
Trump himself weighed in over the weekend, saying his social platform had grown by more than 550% since the FBI raid on his home.
”The Fake News Media is devastated by how well TRUTH is doing so, quite on cue, they are working overtime to criticize and demean it,” he posted on the platform. “Actually, many of the big guns in Washington, D.C., are fighting to stop the TRUTH but, they won’t be successful.”