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Truth Social’s parent company lost almost $23m (£18.7m) in the first half of this year alone, according to a new securities filing that raises concerns about its “ability to continue”. The filing released on Monday marks the first time any financial details about Donald Trump’s social media platform have been shared publicly, according to The Hollywood Reporter. Truth Social was launched in February last year after Mr Trump was banned from most social networks in the aftermath of the 6 January 2021 Capitol riots. The former US president – who announced his candidacy for the 2024 elections in November last year – has since returned to X (formerly known as Twitter), but says Truth Social is still his primary social media platform and that he won’t post anywhere else until six hours after he sends a “Truth”. Having Mr Trump on board has not translated into revenue for the platform’s parent company Trump Media & Technology Group (TMTG), however. Over the first half of 2023 it has lost $23m while bringing in only $2.3m in net sales, the filing showed. This has raised doubts about the viability of the company and its social media startup, according to the filing. “TMTG’s independent registered public accounting firm has indicated that TMTG’s financial condition raises substantial doubt as to its ability to continue as a going concern,” the company noted in the filing. The company said the “management has substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG”. The remarks were made in its assessment of business till the end of December last year and as of 30 June 2023. Concerns have also been raised over Digital World Acquisition Corporation (DWAC), a Special Purpose Acquisition Company (SPAC), that had some years ago announced plans to merge with TMTG. An SPAC is a shell corporation which raises money by listing itself on a stock exchange with the aim of using the funds for a merger with a different and usually more well-known entity. The filing said DWAC has “until 8 September 2024 to consummate a business combination”. It raised concerns that both TMTG and DWAC may not survive unless this merger is completed. “It is uncertain that Digital World will be able to consummate a business combination by this time. If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of Digital World,” the filing said. “TMTG believes that it may be difficult to raise additional funds through traditional financing sources in the absence of material progress toward completing its merger with Digital World,” the filing further said. “A number of companies that had licence agreements with President Trump have failed. There can be no assurances that TMTG will not also fail,” the filing said. TMTG also cited a number of risks to its business in the new filing, including a dedicated section titled “Risks related to our chairman, president Donald J Trump”. The section lists his ongoing legal hurdles. “TMTG’s success depends in part on the popularity of its brand and the reputation and popularity of its chairman, president Donald J Trump,” the filing said. “The value of TMTG’s brand may diminish if the popularity of President Trump were to suffer. Adverse reactions to publicity relating to President Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base.” Read More Return of original Fortnite map causes record traffic on Virgin Media O2 network Elon Musk unveils new sarcasm-loving AI chatbot for premium X subscribers Elon Musk mocks politicians at AI summit Tesla to offer ‘beast mode’ version of Cybertruck with bulletproof panels X now valued at $19bn – less than half of what Elon Musk paid for it Solar panel world record smashed with ‘miracle material’

Joe Rogan revealed details about his Porsche 911 accident in a post on Instagram

Australia's immigration minister says three murderers are among 81 foreigners recently released after the High Court ruled their indefinite detention in migrant centers was unconstitutional

Billie Eilish shared her perception of her own womanhood, saying she never felt 'desirable' as a woman

Brad Pitt openly introduced Ines de Ramon as his girlfriend and is dedicated to his new relationship

'1000-lb Sisters' star Amanda Halterman lands into a verbal argument with Michael Halterman while backing sister Amy Slaton

Ukrainian forces say they repelled a total of eight attacks on the strategic city of Avdiivka in the past 24 hours - as Putin makes an embarrassing third attempt to capture the area. It was earlier reported that Mr Putin was going to make a third attempt at capturing the city known for its large coking plant after failing twice before. Vitaliy Barabash, head of Avdiivka’s military administration said Mr Putin’s troops “need” Avdiivka. “Quite simply, Avdiivka and its strategic position is geographically located on heights and you can see Donetsk... from here,” he said, referring to the Ukrainian area occupied by Russia. Some of the remaining civilians in Avdiivka include doctors and nurses. The town still has a shop and functioning hospital operating under every day shelling. War-time president Volodymyr Zelensky, in a speech on Monday, said fighting along the frontline has been “challenging”. He named Avdiivka, Maryinka, Bakhmut front, Lyman front, Kupyansk, Zaporizhzhia and Kherson as the areas where fighting has been the fiercest. Read More Russian UN envoys shoot back at Western criticism of its Ukraine war and crackdown on dissidents Zelensky tells Ukrainians to brace for ‘enemy’ Putin’s winter attacks From Gaza to Ukraine, China to the EU: The major issues piling high in David Cameron’s in tray

Emily Hand's family believed she had been killed by Hamas but it is now thought she is a hostage

Clayton Echard's request for an Injunction Against Harassment was granted by the judge, who agrees with him and notes that there is evidence to support the claim that any reasonable person would experience harassment

Noah Schnapp has ignited a storm of controversy after he and friends handed out 'Zionism is sexy' stickers in a video amid the Israel-Hamas conflict

Asian shares are trading mostly higher ahead of potentially market-moving developments, including a U.S.-China summit and data releases in the U.S., Japan and China

Kanye West's wife Bianca Censori's friends organize 'anti-Kanye' intervention in Australia