Trump Media Posts Record-Breaking Losses Amid Revenue Decline

Trump Media Technology Group (TMTG), the parent company of President Donald Trump’s social media platform Truth Social, has reported significant losses in 2024. The company lost over $400 million and saw its annual revenue decline by 12% to $3.6 million.

The decline was attributed to a change in a revenue share agreement with an advertising partner, which TMTG claimed would improve its short-term financial position. Additionally, the company selectively tested a new advertising initiative on Truth Social, resulting in reduced revenue.

TMTG also incurred merger-related legal fees due to obstruction from the Biden administration’s Securities and Exchange Commission. The company’s stock value had almost doubled following Trump’s victory in November but dropped 11% year-to-date as of Friday’s close.

Despite the losses, TMTG reported a strong balance sheet with $776.8 million in cash and short-term investments. The company aims to enhance and expand its platforms, Truth Social, Truth+, and Truth.Fi, which was launched just over three years ago amidst severe restrictions on free speech across social media platforms.

Source: https://www.independent.co.uk/news/world/americas/us-politics/trump-media-truth-social-value-b2698960.html