Former US President Donald Trump’s company Trump Media and Technology Group (TMTG), which owns the social network Truth Social, reported revenue of $775.5 thousand in the first quarter in 2024 and a loss of $327 million.

The report said the majority of the loss was due to TMTG’s merger with Digital World Acquisition Corp. (DWAC). This TMTG resource goes public on March 26, 2024. The company expects to make a profit in the future.

At this stage of development, TMTG is still focused on large-scale product development rather than quarterly revenue. By adding the feature to Truth Social, launching online live TV and growing its ecosystem, the company aims to first build a line of best-in-class products that can then be used to increase revenue and provide security.

From the TMTG report

The company’s shares now cost $48.38, and it itself is valued at $6.6 billion. Trump owns about 64.9% of the shares worth $5.5 billion, but he banned their sale for six months after going public.

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Trump’s social media company reported first-quarter revenue of $770,500 and a net loss of $327.6 million.

Trump Media and Technology Group reported revenue of $770,500 for the first quarter of 2024 and a net loss of $327.6 million.

Source: Iphones RU

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