NEW YORK (AP) – The parent company of United States (US) President Donald Trump’s social networking site Truth Social said it lost USD400.9 million last year and its annual revenue declined 12 per cent to USD3.6 million.
Trump Media & Technology Group reported its earnings late on Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner.
After winning the US presidential election in November, Trump in December transferred all of his shares – worth around USD4 billion on paper – as a “bona fide gift” to the Donald J Trump Revocable Trust. Trump’s shares amounted to more than half of the company’s stock.
Donald Trump Jr, the oldest of the president’s five children, is the sole trustee and has sole voting and investment power over all securities owned by the trust. Trump created Truth Social after he was banned from Twitter and Facebook following the January 6, 2021, Capitol riot.
Citing its “early development stage”, the parent company based in Sarasota, Florida, said it doesn’t report “traditional key performance indicators” used by other social media companies, such as how many people have signed up for the service.
