Share and Follow
Donald Trump Jr. serves as a board member for the company in focus.
Initially, Trump Media and Technology Group (TMTG) made headlines with a valuation of $10 billion USD (approximately $14 billion AUD) when it debuted on the public market in March 2024.
However, the company’s current valuation has plummeted to just $3.7 billion, which is slightly over a quarter of its original worth.
At its inception, the company ambitiously projected it would reach 40 million paying subscribers and generate $5 billion in annual revenue by 2026.
Despite these optimistic forecasts, TMTG has experienced significant financial setbacks, losing over $1.4 billion since its public launch.
“TMTG expects to incur operating losses for the foreseeable future,” its annual report read.
“If Truth Social or Truth+ fails to develop and maintain followers or a sufficient audience, or if adverse trends develop for social media platforms or streaming services generally, TMTG’s business would be adversely affected.”
The annual report also stated that TMTG may need more investment.
Truth Social was touted as a conservative alternative to other social media sites, but it has attracted few prominent users save for Trump himself.
Video streaming platform Truth+ has also not connected with a wider audience.
The platform bills itself as showing “non-woke movies, live TV, Christian content, and more”.
Most of the company’s shares are still owned by President Trump himself.
TMTG bought $3.5 billion in Bitcoin midway through last year.
In his time leading the company, Nunes was given a seven-figure salary and tens of millions of dollars in stock.
Before his time in Congress, he had been a dairy farmer and had no experience leading a tech company.
He famously sued the holder of a Twitter account pretending to be one of his cows for defamation. The case was dismissed.
NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.