Trump owns more than half of the company’s shares. According to CBS News, turnover decreased by as much as 30 percent from last year.
of the previous president of the United States Donald Trump’s the social media company Trump Media and Technology Group reported losses of 16.4 million dollars, or about 15 million euros, in April-June. The Washington Post reports on the issue, among others.
The company announced that the losses were due, among other things, to legal costs related to a merger with another company. The turnover of the company that owns the social media platform Truth Social dropped to less than a million dollars.
According to CBS News, turnover decreased by as much as 30 percent from last year.
Trump founded the Truth Social platform after he was widely removed from social media services after his supporters attacked the US Capitol in January 2021.
Trump was considered to have incited his supporters to violence on his social media accounts. The services have since restored his user account.
According to the Washington Post, company executives have called Truth Social a safe haven for all free speech advocates. Trump Media was listed on the New York Stock Exchange in March. At that time, the value of the company was estimated to be over 8 billion.
Trump owns almost 60 percent of the shares.
However, hopes for success have not been fulfilled. In April, the company reported that it made a loss of more than 58 million dollars, or about 53 million euros, last year. In his current presidential election campaign, Trump has relied heavily on his own social media.
Trump has about 7.5 million followers on Truth Social. However, he has not commented on his company’s plight on his account after the most recent results announcement.