328 million dollars in the red!

Huge loss by company behind Trump’s Truth Social

The Trump Media and Technology Group (TMTG), the company behind the online network Truth Social founded by former US President Donald Trump, reported a loss of 328 million US dollars (just under 302 million euros) in the first quarter of 2024.

As TMTG announced on Monday, the company's turnover amounted to just 770,500 dollars (around 709,000 euros). Trump had recently floated the company, in which he holds a 57.3 percent stake, on the stock exchange, which is why it now had to disclose its quarterly figures.

Many shares held by small investors
According to the quarterly report, the remaining shares in the company were "held by more than 621,000 shareholders, the vast majority of whom are retail investors" at the end of April. The head of TMTG, Devin Nunes, stated that the company was "well capitalized", according to the AFP news agency.

Truth Social was founded by Trump in 2021 after his Twitter (now X) account was suspended for spreading false information about alleged election fraud during his defeat to Joe Biden. Trump will not be allowed to sell his TMTG shares until September at the earliest.