Topline
President Donald Trump’s fledgling media company, Trump Media & Technology Group, reported a net loss of just under $401 million on $3.6 million in sales in 2024, according to the Truth Social parent’s annual report, which it filed on Friday with the Securities and Exchange Commission.
Trump Media issued the report Friday. (Photo by Anna Moneymaker/Getty Images)
Key Facts
The company also reported $401 million in net losses last year, a stark jump from the $58 million in losses it posted in 2023—due to a combination of surging operating costs and accounting losses, according to the annual report.
Many of the losses came amid large increases in Trump Media’s research and development expenses and its administrative costs, including expenses for stock compensation—as a statement from the company said it “focused on building out its ecosystem” last year, including by adding new features to the Truth Social platform and preparing to launch its streaming service.
The company also said it faced hefty legal expenses due to “obstruction” from the SEC, as Trump Media went public last year by merging with a special-purpose acquisition company following years of delays and legal scrutiny.
Trump Media ended last year with $777 million in cash, having risen from the $2.6 million it had at the end of 2023, with the company saying in a statement its current cash “strongly positions TMTG for the future relative to its current operating costs.”
Trump Media’s stock closed down a fraction of a percent Friday at $30.39, though shares traded over 1% in after hours trading.
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Forbes Valuation
We estimate Trump’s net worth at $5.8 billion, down $1.2 billion from last month. The president owns about 115 million shares of Trump Media, a roughly 53% stake, that were moved to a revocable trust in December.
Tangent
Trump’s Education Secretary nominee Linda McMahon and FBI Director pick Kash Patel are Trump Media board members. Patel, McMahon and several other board members were recently awarded 25,946 company shares worth around $800,000.
Key Background
Trump Media’s losses last year were steep, though the media company is still building out its products and services that range from streaming to fintech. The company is best-known for running Truth Social, Trump’s most commonly used social media platform, which he launched after Facebook and Twitter banned him following the Jan. 6 riot. Shares of the Truth Social parent company are down nearly 11% on the year following a volatile year of trading in 2024, when shares peaked at $66.22 and fell as low as $12.15. Trump Media’s stock often reacts to developments involving Trump as opposed to the company’s financial performance. Trump has said he does not intend to sell his shares in the company.
Further Reading
Trump Media Shares Rise After Planning Fintech Brand—Trump’s Net Worth Spikes Over $200 Million (Forbes)
Trump Media Launches Truth+ Streaming TV Platform—Here’s What To Know (Forbes)
