‘Anti-woke not especially lucrative’: Filing shows Truth Social lost millions last year
Donald Trump's social media company Truth Social, which merged and began public stock trading last week, at one point hitting a valuation of over $8 billion, reportedly had revenues of just $4.1 million and lost more than $58 million in 2023.
Citing new SEC filings, Axios reported Monday the "massive disconnect between the financial fundamentals and stock performance of Trump Media & Technology Group, which is valued at more than $7 billion after going public last week."
Truth Social's revenue, which comes from advertising, declined in the fourth quarter of last year.
The stock, trading under the symbol of Trump's initials, DJT, Monday morning has dropped about $5 dollars as of publication time.
Business Insider's Emily Stewart on Monday reported on "Trump's coming stock bust."
For comparison, she notes, "the stock is probably trading at something like 2,000 times the company's annual revenue. That is, um, high. Apple, for example, trades at about seven times its total revenue."
Describing it as "not a thriving business," Stewart says, "Truth Social had an estimated 5 million monthly website visits in February of this year, according to third-party trackers, but the company isn't revealing exact metrics right now. By comparison, Facebook had 845 million monthly active users when it went public in 2012, and Twitter had 215 million when it IPO'd the following year."
Stewart points to other right-wing companies that went public and did not see sustained higher stock prices nor "have achieved sustained profitability."
"Being in the business of anti-woke is not especially lucrative," Stewart adds. "As much as people say they want to shop and invest their values, it often doesn't turn out to be the case. Instead, most people opt for the convenient option and whatever they're most used to doing already. There's a reason most boycotts don't work — people are busy and tired."
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