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Trump Media & Technology Group reported its earnings late
Friday, blaming the losses in part on a revenue-sharing
agreement with an undisclosed advertising partner.
After winning the U.S. presidential election in November, Trump
in December transferred all of his shares — worth around $4
billion on paper — as a “bona fide gift” to the Donald J. Trump
Revocable Trust. Trump’s shares amounted to more than half of
the company’s stock.
Donald Trump Jr., the oldest of the president's five children,
is the sole trustee and has sole voting and investment power
over all securities owned by the trust.
Trump created Truth Social after he was banned from Twitter and
Facebook following the Jan. 6, 2021, Capitol riot.
Citing its “early development stage,” the parent company based
in Sarasota, Florida, said it doesn’t report “traditional key
performance indicators” used by other social media companies,
such as how many people have signed up for the service, use it
on a daily or monthly basis or see its ads.
Trump Media became publicly traded last March after merging with
a shell company called Digital World Acquisition Corp., an
example of what’s called a special purpose acquisition company,
or SPAC, which can give young companies quicker and easier
routes to getting their shares trading publicly.
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