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Donald Trump’s Truth Social has lost $23 million this year. Its accountants warn it may not survive.

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When Truth Social launched in 2022, backers of the social network described it a conservative-friendly alternative to Big Tech platforms that would attract advertisers eager to court former President Donald’s Trump’s millions of followers. But a new regulatory filing reveals that Truth Social’s owner, Trump Media & Technology Group, has booked only $2.3 million in sales through June this year, while losing 10 times that amount. 

The disclosure also contains a warning from Trump Media & Technology Group’s accountants, who said they have “substantial doubt about the company’s ability to continue as a going concern.”

The financial details about Trump Media & Technology Group were made public in a Monday filing from Digital World Acquisition Corp. (DWAC), a so-called special-purpose acquisition company, or SPAC, formed to merge with Trump’s business. SPACs allow a company to sell shares to the public more quickly than in a traditional initial public offering, which requires more regulatory steps.

The filing marks “a crucial milestone in our journey towards the potential merger with TMTG,” DWAC CEO Eric Swider said in a statement on Monday.

The cautionary language by Trump Media’s accountants is known as a “going concern” warning, which indicates that an accounting firm believes a company may not have sufficient cash on hand to pay its debts and could default within the next year, according to S&P Global. 

To be sure, the warning reflects only snapshot in time, and it’s possible Trump Media’s pending deal with DWAC could provide the funding that the merged company needs to make good on its obligations and help drive growth. 

Trump, who is chairman of Trump Media and owns a stake in the business, has agreed to post on Truth Social prior to any other competing social media service, the filing noted.

Trump Media didn’t immediately return a request for comment.

Burning through cash

The financial picture that emerges from filing depicts a company that’s facing mounting losses in the face of growing, yet meager, sales. Trump Media reported revenue of $2.3 million for the first six months of 2023, compared with no revenue in the year-earlier period, the filing noted.

With its losses mounting, Trump Media is also burning through cash, ending June with $2.4 million in cash, down from $19 million a year earlier, according to filing. The company reported an operating loss of $23.3 million in 2022, although it recorded a $50.5 million net profit after a change in value tied to its convertible notes.

Trump Media is negotiating its debts with lenders, and the filing includes a warning that its own management has concerns about its ability to pay for the company’s liabilities and to meet its obligations to lenders.

“During the 12 months following the signing of these financial statements, management has substantial doubt that the company will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by the company,” the filing states.



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Satellite images show damage from Israeli attack at 2 secretive Iranian military bases

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An Israeli attack on Iran damaged facilities at a secretive military base southeast of the Iranian capital that experts in the past have linked to Tehran’s onetime nuclear weapons program and at another base tied to its ballistic missile program, satellite photos analyzed Sunday by The Associated Press show. 

Some of the buildings damaged sat in Iran’s Parchin military base, where the International Atomic Energy Agency suspects Iran in the past conducted tests of high explosives that could trigger a nuclear weapon. Iran long has insisted its nuclear program is peaceful, though the IAEA, Western intelligence agencies and others say Tehran had an active weapons program up until 2003.

The other damage could be seen at the nearby Khojir military base, which analysts believe hides an underground tunnel system and missile production sites.

Israel launched a series of strikes on Iranian military facilities in retaliation for the barrage of ballistic missiles the Islamic republic fired on Israel earlier this month.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows damaged buildings at Iran’s Parchin military base outside of Tehran, Iran, on Sunday, Oct. 27, 2024. The damaged structures are in the bottom right corner and bottom center of the image.

Planet Labs PBC / AP


Iran’s military has not acknowledged damage at either Khojir or Parchin from Israel’s attack early Saturday, though it has said the assault killed four Iranian soldiers working in the country’s air defense systems.

Iran’s mission to the United Nations did not immediately respond to a request for comment, nor did the Israeli military.

However, Iranian Supreme Leader Ayatollah Ali Khamenei on Sunday told an audience that the Israeli attack “should not be exaggerated nor downplayed,” while stopping short of calling for an immediate retaliatory strike. Israeli Prime Minister Benjamin Netanyahu said Sunday that the strikes “severely harmed” Iran and achieved all of Israel’s goals.

“The air force struck throughout Iran. We severely harmed Iran’s defense capabilities and its ability to produce missiles that are aimed toward us,” Netanyahu said in his first public comments on the strikes.

It remains unclear how many sites in total were targeted in the Israeli attack. There have been no images of damage so far released by Iran’s military.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows damaged buildings at Iran’s Khojir military base outside of Tehran, Iran, Oct. 8, 2024.

Planet Labs PBC / AP


Iranian officials have identified affected areas as being in Ilam, Khuzestan and Tehran provinces. Burned fields could be seen in satellite images from Planet Labs PBC around Iran’s Tange Bijar natural gas production site in Ilam province on Saturday, though it wasn’t immediately clear if it was related to the attack. Ilam province sits on the Iran-Iraq border in western Iran.

The most telling damage could be seen in Planet Labs images of Parchin, some 40 kilometers (25 miles) southeast of downtown Tehran near the Mamalu Dam. There, one structure appeared to be totally destroyed while others looked damaged in the attack.

At Khojir, some 20 kilometers (12 miles) away from downtown Tehran, damage could be seen on at least two structures in satellite images.

Analysts including Decker Eveleth at the Virginia-based think tank CNA, Joe Truzman at the Washington-based Foundation for Defense of Democracies and former United Nations weapon inspector David Albright, as well as other open-source experts, first identified the damage to the bases. The locations of the two bases correspond to videos obtained by the AP showing Iranian air defense systems firing in the vicinity early Saturday.

At Parchin, Albright’s Institute for Science and International Security identified the destroyed building against a mountainside as “Taleghan 2.” It said an archive of Iranian nuclear data earlier seized by Israel identified the building as housing “a smaller, elongated high explosive chamber and a flash X-ray system to examine small-scale high explosive tests.”

“Such tests may have included high explosives compressing a core of natural uranium, simulating the initiation of a nuclear explosive,” a 2018 report by the institute says.

Mideast Wars Iran Damage
This satellite photo from Planet Labs PBC shows at Iran’s Parchin military base outside of Tehran, Iran, Sept. 9, 2024.

Planet Labs PBC / AP


In a message posted to the social platform X early Sunday, the institute added: “It is not certain whether Iran used uranium at ‘Taleghan 2,’ but it is possible it studied the compression of natural uranium hemispheres, which would explain its hasty and secretive renovation efforts following the IAEA’s request to access Parchin in 2011.”

It’s unclear what, if any, equipment would have been inside of the “Taleghan 2” building early Saturday. There were no Israeli strikes on Iran’s oil industry, nor its nuclear enrichment sites or its nuclear power plant at Bushehr during the assault.

Rafael Mariano Grossi, who leads the IAEA, confirmed that on X, saying “Iran’s nuclear facilities have not been impacted.”

“Inspectors are safe and continue their vital work,” he added. “I call for prudence and restraint from actions that could jeopardize the safety & security of nuclear & other radioactive materials.”

Other buildings destroyed at Khojir and Parchin likely included a warehouse and other buildings where Iran used industrial mixers to create the solid fuel needed for its extensive ballistic missile arsenal, Eveleth said.

In a statement issued immediately after the attack Saturday, the Israeli military said it targeted “missile manufacturing facilities used to produce the missiles that Iran fired at the state of Israel over the last year.”

Destroying such sites could greatly disrupt Iran’s ability to manufacture new ballistic missiles to replenish its arsenal after the two attacks on Israel. Iran’s paramilitary Revolutionary Guard, which oversees the country’s ballistic missile program, has been silent since Saturday’s attack.

Iran’s overall ballistic missile arsenal, which includes shorter-range missiles unable to reach Israel, was estimated to be “over 3,000” by Gen. Kenneth McKenzie, then-commander of the U.S. military’s Central Command, in testimony to the U.S. Senate in 2022. In the time since, Iran has fired hundreds of missiles in a series of attacks.

There have been no videos or photos posted to social media of missile parts or damage in civilian neighborhoods following the recent attack – suggesting that the Israeli strikes were far more accurate than Iran’s ballistic missile barrages targeting Israel in April and October. Israel relied on aircraft-fired missiles during its attack.

However, one factory appeared to have been hit in Shamsabad Industrial City, just south of Tehran near Imam Khomeini International Airport, the country’s main gateway to the outside world. Online videos of the damaged building corresponded to an address for a firm known as TIECO, which advertises itself as building advanced machinery used in Iran’s oil and gas industry.

Officials at TIECO requested the AP write the company a letter before responding to questions. The firm did not immediately reply to a letter sent to it.



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Here Comes the Sun: Will Ferrell, Harper Steele and more

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Here Comes the Sun: Will Ferrell, Harper Steele and more – CBS News


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Actor Will Ferrell and writer Harper Steele sit down with Tracy Smith to discuss their documentary “Will & Harper.” Then, David Pogue learns about new methods being implemented to keep birds from flying into buildings. “Here Comes the Sun” is a closer look at some of the people, places and things we bring you every week on “CBS Sunday Morning.”

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The Strange Shooting of Alex Pennig

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The Strange Shooting of Alex Pennig – CBS News


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A nurse is found dead in her apartment. Surveillance video captures her coming home for the last time. Can investigators piece together what happened next? “48 Hours” contributor Natalie Morales reports.

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