Nov 5, 2024 - Business
Trump's Truth Social is still losing money
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Trump Media & Technology Group, the parent company of Truth Social, on Tuesday reported just $1 million in third quarter revenue and a $19 million net loss.
The big picture: Trump's presidential campaign didn't boost ad sales, as revenue was actually down a bit from the same period in 2023.
- Revenue for the first nine months of 2024 is below $3 million.
Zoom in: TMTG's financials are untethered from its stock price, which closed a volatile trading day at $33.94 per share — giving the company around a $6.8 billion market cap.
- Trump himself owns around 57% of the shares, which are now valued at $3.89 billion. He hasn't yet disclosed any sales, and has pledged not to divest.
- TMTG declines to disclose the sorts of user metrics that are regularly reported by other social media companies, although it did tout a shareholder base of 650,000 that is dominated by retail investors.
The bottom line: TMTG hadn't told Wall Street when to expect its financials, and dropping them on Election Day came as something of a surprise.
