Posted 4/1/2024, 4:30:04 PM
Trump's Truth Social Posts $58M Loss as User Growth Lags
- Trump Media & Technology Group, which owns Truth Social, lost over $58 million in 2022 and generated just over $4 million in revenue
- Truth Social's website traffic peaked at 277,000 US visitors on its first day of public trading, far below sites like Reddit
- Trump owns 57% of the company, previously valued at over $8 billion, but stock price has plunged over 20%, cutting valuation
- Trump Media expects to continue operating losses as it tries to expand Truth Social's user base and appeal
- SEC filing shows Trump Media paid $18 million settlement, plans "strategic investments" in marketing and video streaming technology