Trump Media and Technology Group’s (DJT) Truth Social Platform Earned Just Over $4 Million in Revenue Last Year, Leading to a Going Concern Warning From Auditors
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Back in November 2023, Trump Media and Technology Group (NASDAQ: DJT) had blasted several media outlets for launching a "momentous smear campaign," one that involved publishing "utterly fictitious financial results." Just a few months later, Trump's media-focused entity has accepted the veracity of those earlier reports via a new filing with the SEC.
For the benefit of those who might not be aware, Trump Media and Technology Group finally managed to close its long-delayed reverse merger with the SPAC Digital World in March, with the shares of the combined company debuting on the Nasdaq exchange last week.
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Since then, as we noted in a recent post, the stock has rocketed upwards, going so far as to eclipse even NVIDIA's meteoric rise so far this year, adding billions of dollars to Donald Trump's net worth in the process courtesy of his gigantic stake of 78.75 million shares in the company.
Trump Media and Technology Group (DJT) Earned $4.131 Million In Revenue in 2023
This brings us to the crux of the matter. In November 2023, a number of media outlets reported that Truth Social - Trump's X-like social media platform - has lost $73 million since its inception, managing to bring in cumulative revenues of just $3.7 million.
Today, in a fresh filing with the SEC, Trump Media and Technology Group has indirectly admitted to the veracity of those earlier reports by disclosing that its Truth Social platform managed to rake in a paltry $4.131 million in the entire 2023. Moreover, the platform incurred a net loss of over $58 million last year.
In a related development, the filing includes a report from the auditors who've raised a "going concern" warning, given the company's sizable operating losses.
This revenue figure corresponds to a Trailing Twelve Months (TTM)
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