Trump Media & Technology Group, the parent company of Truth Social, President Donald Trump’s social networking platform, reported a significant loss of $400.9 million in the previous year, with a 12% decline in annual revenue to $3.6 million. The company attributed these losses partly to a revenue-sharing agreement with an undisclosed advertising partner. Following his U.S. presidential election win in November, Trump transferred his shares, valued at around $4 billion, to the Donald J. Trump Revocable Trust as a gift. This transfer represented over half of the company’s stock, with Trump’s son, Donald Trump Jr., serving as the sole trustee with full control over the trust’s investments and voting rights.

Truth Social was launched by Trump after his removal from Twitter and Facebook following the January 6, 2021, Capitol riot. The parent company, located in Sarasota, Florida, described itself as being in an “early development stage” and opted not to disclose typical social media performance metrics, such as user sign-ups, daily or monthly usage, and ad viewership. Trump Media went public in March through a merger with Digital World Acquisition Corp., a special purpose acquisition company (SPAC), facilitating a faster path for young companies to trade publicly. This strategic move allowed Trump Media to enter the market swiftly, despite facing challenges in revenue generation and financial performance.