Trump’s Truth Social Media Company Lost Nearly $330 Million Last Quarter, On Track to Lose More Than $1 Billion By End of Year
AP Photo/Mary Altaffer
The parent company of former President Donald Trump’s social network Truth Social lost a staggering $327.6 million in the first quarter of 2024, according to a new report.
According to the report filed with the Securities and Exchange Commission on Monday, Trump Media & Technology Group – which is majority-owned by Trump and led by former House Intelligence Committee chairman Devin Nunes – lost $327.6 million in Q1, with just $770,500 in revenue.
Trump Media & Technology Group went public in March following a merger with Digital World Acquisition Corp, which resulted in Truth Social being valued at around $8 billion, despite skeptics describing the platform as “essentially worthless.”
“After an unprecedented, years-long process, we have consummated our merger and dispensed with the vast bulk of merger-related expenses, leaving the Company well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship,” said Nunes in a statement on Monday:
Having started from scratch not long ago, TMTG debuted Truth Social on the web, iOS, and Android in 2022, and is now a publicly traded company operating an international social media platform. TMTG is well-positioned at this early stage to grow quickly and fulfill our mission. Our positive working capital allows us to explore and pursue a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities. We are particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform.
Following Trump’s suspension from Twitter and Facebook in the aftermath of the January 6, 2021 Capitol riots, Truth Social became the sole social media platform for the former president’s commentary, with Trump frequently publishing dozens of posts in quick succession.
