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Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
The owner of the Truth Social site “expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers,” according to its SEC filing made April 1.
TMTG, which "aspires to build a media and technology powerhouse to rival the liberal media consortium and promote free expression” does not rely on any specific key performance metric to make business or operating decisions.
While Facebook, Google and X gather and analyze certain metrics, TMTG’s management believes due to the early development stage of the Truth Social platform, such metrics are not critical in the near future of the business.
TMTG claims “the liberal media consortium” colludes "to curtail debate in America and censor voices that contradict their woke ideology.”
It says the popularity of former president Trump, who owns about 60 percent of the company, is crucial to its success.
"Adverse reactions to publicity relating to President Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base,” it says in the 8-K document.
The company says it might suffer if Trump’s reputation is hurt by the various lawsuits that he is involved with, or if “his followers lose interest in his messages.”
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