The parent company of President Donald Trump’s social networking site Truth Social reported significant losses in its latest earnings report. The company lost $400.9 million last year, with revenue declining 12% to $3.6 million. This is largely due to a revenue-sharing agreement with an undisclosed advertising partner.
Trump’s shares, valued at around $4 billion on paper, were transferred to the Donald J. Trump Revocable Trust in December, with his son Donald Jr. as sole trustee and decision-maker. The company claims it operates in its “early development stage,” which explains why traditional metrics like user engagement are not reported.
Trump Media became publicly traded last March after merging with a shell company called Digital World Acquisition Corp., a type of special purpose acquisition company (SPAC).
Source: https://apnews.com/article/trump-media-truth-social-losses-c879294edc8d0297446a3a2f5499b8e3