Trump Media reports a loss of hundreds of millions for last year
The parent company of President Donald Trump's social networking site Truth Social, says it lost $400.9 million (€2383 million) last year and its annual revenue fell 12% to $3.6m (23.4m).
Trump Media & Technology Group reported its earnings late on Friday last week. It blamed the losses in part on a revenue-sharing agreement with an undisclosed advertising partner.
Site placed under the control of Donald Junior
After winning the US presidential election in November, Trump in December transferred all his shares - worth around $4 billion (€3.8 billion) on paper - as a "bona fide gift" to the Donald J. Trump Revocable Trust. Trump's shares amounted to more than half of the company's stock.
Donald Trump Jr, the oldest of the president's five children, is the sole trustee and has sole voting and investment power over all securities owned by the trust.
Trump created Truth Social after he was banned from Twitter and Facebook following the 6 January 2021 Capitol riot.
Citing its "early development stage", the parent company based in Sarasota, Florida, said it doesn't report "traditional key performance indicators" used by other social media companies, such as how many people have signed up for the service, use it on a daily or monthly basis or see its ads.
Trump Media became publicly traded last March after merging with a shell company called Digital World Acquisition Corp, an example of what's called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly.
Yesterday