Former President Donald Trump’s digital media platform Truth Social brought in slightly more than $770,000 in revenue during the first three months of the year (Q1), the company confirmed in a regulatory filing on Monday.
The document, filed with the U.S. Securities and Exchange Commission, said the majority of Truth Social’s revenue came from the sale of advertisements against the digital media platform, noting that the company is working through a multiphase build-out that includes streaming television services and apps that will be deployed in the near future.
Accordingly, the company’s focus isn’t on generating revenue, but continuing to build out and deploy its various media offerings, according to former Congressman Devin Nunes, who serves as the chief executive of Truth Social parent company Trump Media and Technology Group (TMTG).
TMTG has enough cash on hand to see through this operation, Nunes affirmed, saying the company was “particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform.”
TMTG spent nearly $328 million during the first three months of the year to tick the boxes on its various objectives, the regulatory filing said. Its net operating loss was $12.1 million, based on non-GAAP (generally acceptable accounting practices) calculations. On a GAAP basis, TMTG saw its net revenue decline $98.35 million during Q1 2024, according to the company’s financial earnings.
Some of the products that are in development include an “over-the-top,” or Internet-based, streaming TV application for phones, tablets and computers, along with a live TV product that will be available for Internet-connected TVs and related platforms.
As of April 29, former President Trump is the largest individual shareholder of TMTG, owning around 65 percent of the company, according to regulatory documents. More than 621,000 shareholders own positions in the company, with most of those individuals counted as retail investors — or people who casually purchase and trade stock through traditional or online brokerage firms like Fidelity, Schwab and Robinhood.
