Trump Media & Technology Group (TMTG), the parent company of Truth Social, the social media platform of former President Donald Trump, reported a net loss of 400.9 million dollars (approximately 13,506.32 million baht) and a 12% decrease in revenue to 3.6 million dollars (121.28 million baht) for the fiscal year 2024, partly due to undisclosed revenue-sharing agreements with advertising partners.
The report indicates that in 2024, the company has made enhancements to both the full ecosystem platform Truth Social and the streaming service Truth+, which may lead to increased investments and expenses. However, revenue is expected to grow after these improvements.
Trump launched Truth Social after being banned from Twitter and Facebook in January 2021. Initially, the parent company did not disclose performance metrics of the platform, such as the number of sign-ups, daily or monthly active users, or ad view rates, as it was still in the developmental phase. TMTG entered the stock market in March after merging operations with Digital World Acquisition to become a Special Purpose Acquisition Company (SPAC).
Source: TMTG and AP News
TLDR: Trump Media & Technology Group, the parent company of Truth Social, reported a net loss of 400.9 million dollars and a 12% decrease in revenue for fiscal year 2024, partly due to undisclosed revenue-sharing agreements with advertising partners. The company has made enhancements to their platforms and is expecting revenue growth following these improvements.
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