TMTG’s revenue last year was only $4.1 million. However, they increased from 1.5 million dollars in 2022. The company reported a net profit of 50.5 million dollars the year before, but owed it to extraordinary tax income, wrote the DPA agency. Monday’s data, according to DPA, shows that the social network Truth Social continues to have problems generating advertising revenue.
In a report to regulators, TMTG also expressed doubts about whether it will have enough cash to meet its financial obligations due to high operating losses. However, according to the DPA, in the United States, this is a common warning to investors that does not necessarily follow insolvency.
TMTG went public last week through a merger with publicly traded Digital World Acquisition. Trump owns roughly 57 percent of TMTG, according to Monday’s report. However, he is subject to a ban on selling TMTG shares for a period of six months from their listing.
TMTG shares began trading on the stock exchange last Tuesday, at one point seeing an increase of almost 60 percent to close to $80 a piece. However, shares weakened later. On Monday, shortly after 20:00 CET, they were selling for around $47, and compared to Friday’s close, they lost about 24 percent. They were therefore below their issue price of $49.95 each.
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