Trump Media's Revenue Falls Below $900,000

Trump Media and Technology Group, the social media venture founded by former President Donald Trump, has reported a 30% drop in second-quarter revenue, totaling $836,900 compared to the previous year. The company, which operates the Truth Social platform, also recorded a loss of $16.4 million during this period, a slight improvement from the $22.8 million loss reported a year earlier. This financial information was disclosed in a regulatory filing on Friday. Despite a 51% decline in share value over the past three months, Trump Media maintains a valuation of approximately $5 billion, as noted by financial data firm FactSet. The company has attracted a loyal base of small investors, many of whom are followers of Trump and actively track the stock's performance on Truth Social. Analysts have likened the company's stock fluctuations to those of meme stocks, which often rely on social media hype rather than traditional financial metrics. In a statement, CEO Devin Nunes outlined plans for growth, including the development of a Truth+ streaming service and potential mergers and acquisitions. The company attributed the revenue decline primarily to changes in revenue sharing with an unnamed advertising partner and ongoing tests of a new advertising initiative on the Truth Social platform. While Trump Media claims to have experienced substantial growth since the launch of Truth Social in 2022, the regulatory filing cautioned that the company anticipates continued operating losses as it seeks to expand its user base and attract more advertisers in the future.