NEW YORK (AP) 鈥 The parent company of President Donald Trump鈥檚 social networking site Truth Social says it lost $400.9 million last year and its annual revenue declined 12% to $3.6 million.
reported late Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner.
the U.S. presidential election in November, Trump in December 鈥 worth around $4 billion on paper 鈥 as a 鈥渂ona fide gift鈥 to the Donald J. Trump Revocable Trust. Trump鈥檚 shares amounted to more than half of the company鈥檚 stock.
Donald Trump Jr., the oldest of the president's five children, is the sole trustee and has sole voting and investment power over all securities owned by the trust.
Trump created Truth Social after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot.
Citing its 鈥渆arly development stage,鈥 the parent company based in Sarasota, Florida, said it doesn鈥檛 report 鈥渢raditional key performance indicators鈥 used by other social media companies, such as how many people have signed up for the service, use it on a daily or monthly basis or see its ads.
Trump Media last March after called Digital World Acquisition Corp., an example of what鈥檚 called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly.
