Trump Media in 2024: Sales of $3.6 Million but Losses of $400 Million
TradingKey - In 2024, Trump Media & Technology Group, owned by US President Donald Trump, generated only a few million dollars in revenue, while its losses expanded sixfold to $400 million. The company’s growth has attracted attention following Trump's return to the White House.
On Friday, February 14, Trump Media & Technology Group (TMTG, DJT.US) released its 2024 annual report.
- Revenue: $3.6 million, a 12% year-on-year decrease
- Net loss: $400.9 million, compared to $58.2 million in 2023
- Loss per share: $2.36
Trump Media & Technology operates the social media platform Truth Social, the video streaming service Truth+, and the financial services and fintech brand Truth.Fi.
In March last year, Trump Media & Technology completed the acquisition of Digital World Acquisition Corp through a SPAC, and the company was listed on the Nasdaq. Trump is the largest shareholder, and his shares are held by a trust managed by his son, Donald Trump Jr.
Trump Media & Technology generated $3.6 million in revenue last year with only 29 full-time employees, while paying out more than $107 million in stock-based compensation.
The company currently holds $776.8 million in cash, cash equivalents, and short-term investments, with $9.6 million in debt.
Trump Media & Technology’s operating expenses last year totaled $61 million, half of which were legal costs. The company explained that due to obstruction by the US SEC during the Biden administration, its merger process with SPAC became one of the longest in history, resulting in a surge in related legal costs.
Devin Nunes, TMTG's CEO, stated that after listing on NASDAQ less than a year ago, Trump Media & Technology developed rapidly in 2024. The company’s goal this year is to continue developing all of its platforms. They plan to explore opportunities for partnerships, mergers, and acquisitions with other entities that could help TMTG evolve into a holding company with subsidiaries across various industries.
Following the annual report, Trump Media & Technology's stock price fell by 0.91%. Since the beginning of the year, the stock has fallen by 11%.
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