The parent company of Truth Social, the social networking site founded by former President Donald Trump, reported a significant loss of $400.9 million in the previous year. This news comes alongside a 12% decline in annual revenue, which now stands at $3.6 million. Trump Media & Technology Group, the company behind Truth Social, attributed these losses partly to a revenue-sharing agreement with an undisclosed advertising partner.
Following his victory in the U.S. presidential election, Trump made a notable move by transferring all his shares in the company, valued at approximately $4 billion, to the Donald J. Trump Revocable Trust as a gift. This transfer represented more than half of the company's total stock. The trust is overseen by Donald Trump Jr., the eldest son of the former president, who holds full control over voting and investment decisions related to the trust's securities.
