Truth Social lost $58 million last year. Here's who made money anyway.

[mahatmakanejeeves]

Truth Social lost $58 million last year. Here’s who made money anyway.

Trump’s social network generated just $4 million in revenue last year, but Trump’s stake is worth billions, and the company’s leaders stand to make millions in salaries, bonuses and stock

By Drew Harwell
April 7, 2024 at 7:00 a.m. E

{snip picture}

From left, Trump Media’s Devin Nunes, Donald Trump and Kash Patel.

Former president Donald Trump’s social media company generated just $4 million in revenue last year — about as much as the average McDonald’s franchise in the United States, according to a report last year by the fast-food industry publication QSR.
Cut through the 2024 election noise. Get The Campaign Moment newsletter.

But that hasn’t stopped Trump Media & Technology Group, which runs Truth Social, from granting Trump a share package now worth billions of dollars — or from paying its leaders millions of dollars in salaries, bonuses and stock, according to documents it filed with the Securities and Exchange Commission.

Trump Media, based in Sarasota, Fla., has only 36 employees and lost $58 million last year, the filings show. The online analytics firm Similarweb estimates that Truth Social’s traffic is less than 1 percent of Reddit’s, a platform that received $800 million in revenue last year.

{snip}

By Drew Harwell
Drew Harwell is a reporter for The Washington Post covering artificial intelligence and the algorithms changing our lives. He was a member of an international reporting team that won a George Polk Award in 2021.