US President Donald Trump’s company, Truth Social’s parent firm, has reported a significant loss of $186 million in operating costs for 2024, despite generating only $3.6 million in revenue. This decline is compared to the $5.3 million generated by the company in 2023. However, investors remained optimistic due to the announcement that Trump Media and Technology Group plans to expand into financial services catering to conservatives.
The lack of user growth data is another notable aspect of Truth Social’s operations. In contrast to other social media companies, TMTG doesn’t publicly disclose its user base numbers. The company has faced controversy, including a defamation lawsuit against 20 major media organizations in Florida, which is still ongoing.
Shares of Trump Media and Technology Group saw an increase of over 11% following the news about its financial services expansion plan, indicating investors are hopeful for future growth despite the current challenges.
Source: https://www.axios.com/2025/02/14/trump-truth-social-2024-revenue