Donald Trump has issued a fierce defense of his social media platform Truth Social after its value plummeted this week as new revelations emerged about mounting losses.

Shares in Trump Media & Technology Group, whose primary asset is Truth Social, initially surged above $78 a share when it debuted on the stock market last week under the ticker "DJT", closing its first day of trading 16 percent higher at $57.99 and giving the company a valuation of $11 billion.

However, shares tumbled 21 percent on Monday, closing at $48.66 and wiping billions off its value. Shares had since risen slightly to $48.81, when the stock market closed on Wednesday.

Writing on Truth Social on Thursday, Trump said: "All of the competitors to TRUTH SOCIAL, especially those in the Radical Left Democrats Party who are failing at every level, like to use their vaunted 'disinformation machine' to try and convince people, and it is not easy to do, that TRUTH is not such a big deal and doesn't 'get the word out' as well as various others, which they know to be false."

Donald Trump
Donald Trump attends a rally in Green Bay, Wisconsin, earlier this week. Trump has claimed that Truth Social has "$200,000,000 in cash and zero debt."SCOTT OLSON/GETTY IMAGES

His remarks follow a regulatory filing to the Securities and Exchange Commission (SEC) on Monday which revealed that the company, which Trump holds a nearly 60 percent stake in, made just over $4.1 million in revenue in its last operating year, but racked up $58.2 million in costs. It revealed an operating loss of $15.96 million.

BF Borgers of Colorado, an auditor for the company, said the losses "raise substantial doubt about its ability to continue as a going concern."

Despite the filings, Trump claimed that the company had "$200,000,000 in cash and zero debt," and said it was "very good for a start-up and growing fast."

Continuing his defense on Truth Social, he said: "I THINK TRUTH IS AMAZING! First of all, it is very solid, having over $200,000,000 in CASH and ZERO DEBT. More importantly, it is the primary way I get the word out and, for better or worse, people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World."

He added: "Look, using TRUTH, I became the Republican Nominee for President of the United States, and in record time! When I ENDORSE a politician on TRUTH, they almost ALWAYS WIN. If it didn't work, or properly get the word out, I wouldn't use it - But it does work, and work really well - And the fun is just getting started!!!"