Former President Donald Trump’s social media platform Truth Social has lost $31 million in its first two years of operation, according to a new filing made with the U.S. Securities and Exchange Commission this week.

The loss highlights substantial challenges with Digital World Acquisition Corporation’s planned merger with Trump Media & Technology Group (TMTG), the parent company of Truth Social, which offers similar functions to the social media service formerly known as Twitter.

The SEC filing discloses additional complications in the form of a “request and subpoena” from the agency that seeking pertinent documents related to its ongoing investigation into the proposed Special Purpose Acquisition Company (SPAC) deal. Specifically, the SEC is interested in information regarding Digital World’s board meetings, communications, and the evaluation process of potential targets, including Trump Media & Technology Group.

According to the filing, TMTG expresses concerns about its ability to secure additional funding through traditional channels in the absence of substantial progress towards completing the merger with Digital World. This admission underscores the financial strain Truth Social and its parent companies are currently grappling with.

Since its launch in February 2022 as a purported free speech app for conservatives, Truth Social — with Trump at its forefront — has been marred by financial distress and entangled in a web of legal and regulatory challenges. The platform’s ambitious goals now face heightened uncertainty due to the financial losses and regulatory scrutiny it has attracted over the past months, painting a precarious picture for the future of Truth Social and its associated entities.