Trump's Truth Social Parent Company Reports Losses and Revenue Decline
Trump Media & Technology Group (TMTG), the parent company of President Donald Trump's social media platform Truth Social, announced financial losses of $400.9 million in 2022, with annual revenue dropping by 12% to $3.6 million.
TMTG attributed the losses to a revenue-sharing arrangement with an unnamed advertising partner. Despite being publicly traded since March 2022, the company noted its "early development stage" and declined to disclose key performance indicators commonly used by social media companies.
Following his election victory in November 2016, Trump transferred his TMTG shares, valued at approximately $4 billion, to the Donald J. Trump Revocable Trust. Trump's son, Donald Trump Jr., serves as the sole trustee with complete voting and investment control over the trust.
Truth Social was launched after Trump was banned from Twitter and Facebook in the wake of the Capitol riot on January 6, 2021. The company was initially merged with Digital World Acquisition Corp., a special purpose acquisition company (SPAC), to facilitate its public listing.