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Trump Media and Technology Group, the parent company of the president’s social media platform Truth Social, reportedly lost more than $400 million in 2024.
The company also reported a 12 percent decline in annual revenue to $3.6 million, which it blamed on an unnamed advertising partner according to the the latest earnings report, which was filed on Friday.
As well as the president’s online soapbox, TMTG, whose mission is “to end Big Tech’s assault on free speech,” also owns streaming platform Truth+ and plans to launch Truth.Fi, “a financial services and FinTech brand incorporating America First investment vehicles.”
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“Revenues decreased… 12%, to $3,618.8 for the year ended December 31, 2024 compared to revenue of $4,131.1 for the year ended December 31, 2023,” the report stated.
“A significant portion of the decrease was attributable to a change in a revenue share agreement with one of our advertising partners, which was intended to improve our short-term, pre-Merger financial position.
“Additionally, revenue has varied as we selectively test a nascent advertising initiative on our Truth Social platform.”
TMTG also claimed that in 2024 it had incurred merger-related legal fees because of obstruction from the Biden administration’s Securities and Exchange Commission.
Trump created Truth Social after being banned from Twitter, now X, and Facebook following the January 6 insurrection and still posts multiple times a day.
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In its filing TMTG said that, unlike other social media companies including Meta, it did not rely on “traditional performance metrics,” including average revenue per user, ad impressions and pricing, or active user accounts.
This “could potentially divert its focus from strategic evaluation with respect to the progress and growth of its business,” according to the filing.
Stock in Trump Media almost doubled in value following Donald Trump’s victory in November. In December transferred all of his shares — worth around $4 billion on paper — as a “bona fide gift” to the Donald J. Trump Revocable Trust.
The president’s shares amounted to more than half of the company’s stock, according to CNBC. As of Friday’s close, the stock was down about 11 percent year to date.
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“TMTG closed 2024 with a strong balance sheet, comprised of $776.8 million in cash and short-term investments, strongly positioning the Company to advance its immediate goal of enhancing and expanding all its platforms—Truth Social, Truth+, and Truth.Fi,” the filing stated.
“TMTG has achieved this result after launching its first product less than three years ago, amid severe repression of free speech across social media platforms, with the mission of opening up the Internet and giving people their voices back.
“Now, the Company has established a strong cash position to pursue further expansions and acquisitions, has opened up new frontiers for an iconic brand and has attracted approximately 650,000, largely retail, shareholders.”
