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Trump’s Truth Social is at least $31.5 million in the hole.

On Monday, a new securities filing revealed that the former president’s social media platform has now suffered at least a $31.5 million net loss — $23M of which came in the first half of 2023 — since launching in February 2022. (The company claims to have made $50m in profits last year mostly due to “change in fair value of derivative liabilities,” which you are free to read any way you want.)

According to the filing, Trump Media & Technology Group’s accountants have raised “substantial doubt” about the platform’s future without help from that long delayed SPAC merger.

Correction: Reuters initially reported the loss at $73m, not $31.5m. We’ve updated the piece to reflect that amount and the $50m in claimed 2022 profits.

A chart from DWAC’s amended S-4 showing TMTG’s financial data