Former president Trump’s social media company made just over $4 million in revenue last year, despite a highflying stock market debut last week that sent the company’s value soaring to more than $8 billion.
The new financial figures throw into stark relief the gap between Trump Media’s highly hyped investor-driven valuation on the public stock market and the reality of its business performance. The company said in one filing that its management had “substantial doubt” that the company would have enough money to “meet its liabilities as they fall due,” including debts related to promissory notes the company had previously issued.Trump Media, which makes money exclusively through advertising on Truth Social, has struggled to gain a broad audience. Truth Social’s website peaked this month at 277,000 U.S.
The board includes Trump’s son Donald Trump Jr.; Robert E. Lighthizer, Trump’s former trade representative; Linda McMahon, his former administrator of the Small Business Administration; and Kash Patel, who served on Trump’s National Security Council. Patel was paid $130,000 last year through a consulting agreement. Dan Scavino Jr., Trump’s White House social media director, was also paid $240,000 last year through a consulting agreement that listed him as an independent contractor, the filing shows. He, too, will be given a $600,000 retention bonus.
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