NEW YORK (AP) – The parent company of the social networking site of President Donald Trump Truth Social says that it lost $ 400.9 million last year and the annual turnover fell by 12% to $ 3.6 million.
Trump Media & Technology Group reported his income at the end of Friday and partially blamed the losses of an agreement for sharing income with an unknown advertising partner.
After winning the US presidential election in November, Trump transferred all his shares in December – worth around $ 4 billion on paper – as a “bona fid gift” to the Donald J. Trump Revocable Trust. Trump’s shares amounted to more than half of the shares of the company.
Donald Trump Jr., the eldest of the five children of the president, is the only trustee and has some voice and investment force on all the effects owned by the trust.
Trump created Truth Social after he was banned from Twitter and Facebook after January 6, 2021, Capitol Riot.
With reference to his ‘early development phase’, the parent company said in Sarasota, Florida, that it does not report ‘traditional important performance indicators’ that are used by other social media companies, such as how many people have registered for service, use it daily Or monthly or see their ads.
Trump Media was traded listed last March after merger with a Shell company called Digital World Acquisition Corp., an example of what is called a special acquisition company or Spac, that young companies can give routes faster and easier to make their shares public.
