NEW: Trump’s Truth Social Lost $58 Million in 2023, Despite Multi-Billion Dollar Valuation

April 02, 2024

Former President Donald Trump received a much-needed financial boost last week when Truth Social, the social media company he founded after being kicked off of Twitter, went public. Trump holds upwards of 78 million shares in the firm, officially dubbed Trump Media & Technology Group, that are now worth billions of dollars after the initial round of sales of company stock. In fact, it brought in just $4.1 million in revenue in 2023 and suffered a net loss of over $58 million. “I think it’s almost like a meme stock, and that’s the way it’ll play out,” said Varney. “It’s a bet on whether Trump wins or loses in November of this year.