"Why it matters: While the app does sell some ads, its business is practically non-existent.

Truth Social earned $3.4 million in revenue for the first nine months of 2023 and it lost around $49 million.

By comparison, Facebook (now Meta) earned $3.71 billion in revenue the year before it went public and was profitable.

Between the lines: Truth Social's user base is still very small, niche and not very global compared to its publicly traded social media rivals.

SimilarWeb estimates it had 5 million monthly website visits globally in February 2024 and roughly 1 million monthly active app users in the U.S.

The company has not reported the actual metrics, which is unusual for a social media company going public.

Facebook had 845 million monthly active users (MAU) at its IPO in 2012. Twitter (now X), had 215 million when it went public in 2013."

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