Trump Media Reports $401 Million In Losses With Just $3 Million In Sales Last Year

According to an annual report filed on Friday from President Donald Trump’s media company, Trump Media & Technology Group, the Truth Social operator reported a net loss of just under $401 million on $3.6 million in sales in 2024. This is a 12.4% decrease year-over-year.

Trump Media debuted on the Nasdaq under the ticker “DJT” in March 2024, after a merger with shell company Digital World Acquisition Corp. Before Trump’s presidential victory, the stock nearly doubled in value in 2024. The stock was down about 11% year to date on Friday. Trump, after his win, transferred all of his shares – around half of the company’s stock as of 2024 – to the Donald J. Trump Revocable Trust.

The trust, with President Trump as the sole beneficiary, owns 52% of the voting power of the company’s stock, the filing states. The company also announced in the fourth quarter of 2024, the availability of its Truth+ video streaming service on Android, iOS, and the web.

According to a statement by Trump Media, the company incurred merger-related legal fees because of “obstruction” from former President Joe Biden’s management of the Securities and Exchange Commission.

Many of the losses stemmed from increases in the company’s research and development expenses and administrative costs. The report said it “focused on building out its ecosystem” last year by adding new features to the Truth Social platform and preparing to launch its streaming service.

“Additionally, revenue has varied as we selectively test a nascent advertising initiative on our Truth Social platform,” the report reads.

The company, with $9.6 million in debt, says its current cash is $777 million, which, “strongly positions TMTG for the future relative to its current operating costs.” TMTG’s stock closed down a fraction of a percent Friday at $30.39, though shares traded over 1% in after-hours trading.

“We will continue to explore opportunities to partner, merge with, and acquire other entities that can function effectively if TMTG evolves into a holding company with subsidiaries spanning several industries,” Chairman and CEO Devin Nunes said.