Trump's Truth Social reports lower 2024 revenue, $186 million loss
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Trump Media & Technology Group, the parent company of Truth Social, on Friday reported just $3.6 million in sales for all of 2024 and an operating loss of $186 million.
Why it matters: President Trump's election doesn't seem to be helping the financial fortunes of his namesake company, which generated more revenue in 2023 than in 2024.
Yes, but: Truth Social's sales struggles aren't putting too much of a crimp in its stock price, which closed Friday at $30.39 per share.
- That gives the company a market cap of nearly $6.6 billion.
- It also had around $170 million of cash and equivalents at year-end — which rises to nearly $777 million when also including short-term investments.
The intrigue: Social media companies often tout user growth, but Truth Social declines to publicly report such data.
Disclosure: In 2023, TMTG sued 20 media organizations, including Axios, for defamation. That suit in Florida is ongoing.
