Donald Trump's Social-Media Company Is in Serious Trouble

Donald Trump has never hidden his goal in launching Truth Social: to challenge Silicon Valley's hegemony.

Former president Trump reacted angrily to what appeared to be a humiliation: he was barred from major social-media platforms that influence public opinion and trends.

One day after the events of January 6, 2021, when his supporters stormed the Congress in Washington

the three major social networks in the United States, Facebook, YouTube and Twitter banned him.

The real estate developer, who has millions of fans and supporters,

then promised to launch his own social network as a safe space for conservatives to express themselves and to continue to build the Trump brand.

Truth Social received a flood of downloads on Apple's (AAPL) iOS app when it first launched in February. In May,

It was made available to all iOS users in the United States. But the euphoria seems to have died down. 

The firm reported a net loss of $6.2 million for the 2022 first half due to general and administrative cost

The company is burning cash: It had $3 million on hand at the end of the period compared with $24.3 million at the end of first-half 2021. 

And, as of Wednesday's close, the shares were down 53% in 2022.