PANORA

Home About Us Contact Us Blog News

Financial Status of Donald Trump's Social Media Company Revealed After Merger

Published: 02 April 2024 at 01:34

Finance & Economics

Following the completion of its SPAC merger, Donald Trump's social media company, Trump Media and Technology Group, reported a revenue of $4.1 million for 2023. The company's stock, trading under DJT, initially surged in value, increasing Trump's net worth to $7 billion. However, the company's financial condition raises concerns about its sustainability, with the stock price later tumbling by over 25%. Trump's ability to sell shares is restricted for six months unless the board intervenes.

DEEP DIVE


Trump's Social-Media Company Trump Media and Technology Group (TMTG) Sees Surging Stock Price After SPAC Merger, But Faces Revenue Challenges


Following a surge in stock price post its SPAC merger, Trump Media and Technology Group's market cap reached $9 billion, increasing Trump's net worth to $7 billion despite the company making only $4.1 million in revenue in 2023, resulting in a significant loss of $58 million. The company, which owns Truth Social, a conservative alternative to Twitter, faces skepticism due to its high stock price relative to revenue and plans to develop additional services like video streaming for "cancelled content creators" despite unclear prospects.

New Trump Media & Technology Group Enters Nasdaq with Stock Ticker DJT


Former President Donald Trump's new company, Trump Media & Technology Group, is now trading under the stock ticker symbol DJT on the Nasdaq exchange, with its main product being the social media app Truth Social. Trump's previous publicly traded company, Trump Hotels and Casino Resorts, faced financial struggles and bankruptcies despite Trump profiting personally. Trump Media's valuation at $6.7 billion seems disproportionate to its business performance, with low revenue and high losses. Trump cannot sell his shares for six months post-merger due to a lockup provision.

Trump Media & Technology Group to Begin Trading on Nasdaq with Truth Social


Trump Media & Technology Group, featuring Truth Social, will start trading on Nasdaq after shareholders approved a merger with Digital World Acquisition Corp. Former president Donald Trump is poised to own 79 million shares worth nearly $3 billion. The company's stock will trade under the symbol DJT. Despite low revenue and high losses, its market valuation exceeds $5 billion. Investors are cautioned about Trump's track record of business failures and the possibility of him selling shares to cover legal expenses, which could impact stock prices.

Donald Trump's Truth Social Network Set to Debut on Wall Street


Former President Donald Trump's Truth Social network is poised to go public through a merger with Digital World Acquisition Corp., potentially giving Trump stock worth billions of dollars. Trump is expected to own the majority of the new company, with the stock trading under the ticker symbol DJT. Trump faces financial burdens, including a $454 million judgment in a fraud lawsuit, and a six-month lock-up agreement on selling his shares. Despite generating modest revenue, the stock value of Truth Social could significantly benefit Trump financially.

Trump Media & Technology Group to Begin Trading on Nasdaq


Former President Donald Trump's media business, Trump Media & Technology Group (TMTG), will start trading on the Nasdaq stock market under the ticker symbol DJT after merging with Digital World Acquisition Corp. Trump is expected to own nearly 79 million shares of the combined company, with a potential stake value of around $3 billion. Shares of Digital World Acquisition surged 26% after the merger approval, offering a significant windfall for Trump amidst legal challenges and his involvement in the 2024 U.S. presidential elections.

Former President Trump's Media Company Nears Billion-Dollar Windfall


Former President Donald Trump's media company, Trump Media & Technology Group, the owner of Truth Social, is on the brink of going public with shares worth over $3 billion if shareholders approve the merger with Digital World Acquisition Corp. However, experts believe this windfall may not solve Trump's financial woes as he faces a looming $464 million bond deadline in a civil fraud case. Despite potential challenges, the merger could lead to Trump owning a significant stake in the public company if approved by shareholders, with trading expected to begin shortly after the merger's closure.

Trump Media & Technology Group Soars in Market Debut Despite Operating Losses


Shares of Trump Media & Technology Group closed 16% higher on its first day of trading, reaching $57.99 per share and giving the company a market capitalisation of nearly $8 billion. The social media platform Truth Social was launched by Donald Trump after he was banned from mainstream platforms. Trump holds a nearly 60% ownership stake in the company, valued at about $4.6 billion. Despite operating losses of $10.6 million for the first nine months of 2023, the company experienced a successful market debut. Trump faces legal challenges and financial pressures, including a reduced bond payment decision by a New York court.

Trump Media & Technology Group (Wikipedia)


Trump Media & Technology Group (TMTG), also known as T Media Tech LLC, is an American media and technology company founded in 2021 by former U.S. president Donald Trump. In October 2021, the company announced a proposed merger agreement with Digital World Acquisition Corp (DWAC), a publicly traded special-purpose acquisition company. Trump owned about 90% of the company in April 2023. Since January 2022, former U.S. representative Devin Nunes has served as the company's chief executive officer. In February 2022, TMTG launched the social network Truth Social. Trump reported in an April 2023 personal financial disclosure that he had made less than $201 from TMTG.A November 2023 DWAC financial disclosure indicated TMTG had generated losses such that management had "substantial doubt" about its ability to pay its bills, and the company's accounting firm had "substantial doubt" about the company's ability to remain in business.

Truth Social SPAC could pay Trump's astronomical legal bills - if board OKs it


Donald Trump's beleaguered SPAC deal is finally going through, and just in time to pay nearly half a billion dollars owed over several legal actions if the board agrees to let him sell. Let's get all the acronyms out in the open. Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), has been in negotiations for years to merge with Trump Media and Technology Group (TMTG) and list on the NASDAQ as $DJT. But it has encountered obstacles in shareholder reticence, Securities and Exchange Commission (SEC) scrutiny , and even grand jury subpoenas . And that's without reckoning with the questionable success of Truth Social, the partisan social network hurriedly stood up after the former President was booted from Twitter.

Trump's Truth Social Could Be Valued at Over $5 Billion Despite Mounting Losses


Investors approved a merger deal between Digital World Acquisition Corp. and Trump Media, potentially valuing Truth Social at $5.7 billion. Despite significant losses, the platform had 5 million users in February 2022, in contrast to TikTok's 1 billion users and Facebook's 3.049 billion users. DWAC filings showed Truth Social lost $31.6 million and Trump Media lost $49 million. IPO specialist Jay Ritter expressed doubts about the company's actual value. Retail investors, some Trump supporters, remain optimistic.

SEC Approves Trump Media's Merger to Take Truth Social Public


The Securities and Exchange Commission has given approval for the merger between Trump Media & Technology Group and Digital World Acquisition Corp, allowing Trump Media to take its social media platform, Truth Social, public. The deal could bring in $300 million for the company and would make former President Donald Trump a major stakeholder. The merger faced regulatory investigations and insider trading charges but has overcome these obstacles. Pending final approval from investors, Trump Media could soon join the ranks of public companies trading in the US.

Trump's Truth Social Struggles to Attract a Wider Audience While Planning Merger with Multibillion-Dollar Windfall


Despite receiving glowing reviews from some users like Nick Mirtschink and Bree Duke at a recent rally, Truth Social, Donald Trump's social media platform, is facing challenges in gaining a broader user base with only around 860,000 active accounts as of November. Despite this, a merger approved by Digital World Acquisition Corp with Trump Media & Technology Group is projected to bring a significant financial gain for Trump, providing a potential avenue for his return to Wall Street under the ticker DJT.

The wild probe into investors of DWAC, Trump Media’s proposed merger ally


In October 2021, former president Donald Trump announced that his media company, the owner of the platform Truth Social, had sealed an incredible deal: a merger with a special-purpose acquisition company that would deliver to his firm $300 million toward his promise of giving a voice to all. By then, however, the insider trading by investors in the SPAC, Digital World Acquisition, had already begun, according to documents filed recently in the criminal case against three Digital World investors whove been charged with securities fraud in federal court in New York. Digital Worlds chief executive, Patrick Orlando, a Miami financier Trump had hosted at his golf clubs, had been telling investors privately for months that hed been talking with Trump about the deal, the filings assert a violation of federal securities law, the Securities and Exchange Commission would say later, given his companys pledge in regulatory filings that its leaders had held no talks with any merger targets. One investor, the Miami Beach businessman Anton Postolnikov, had amassed a huge stake in Digital World. Postolnikov, who was born in Russia and is the nephew of a longtime Russian government official, sold most of his stake just days after Trumps announcement sent the stock soaring, according to an FBI agents search warrant affidavit.

Trump seeks to outpace Biden in fundraising with $33 million goal


Former President Donald Trump's campaign plans to raise over $33 million in a single-event fundraiser in Palm Beach, aiming to surpass President Joe Biden's recent record. The event, hosted by prominent donors, requires contributions of $814,600 or $250,000 per person, with perks including a personalized copy of Trump's book. Trump's campaign aims to shift negative narratives, highlighting his ability to attract large donations following struggles with legal fees. Despite this, Trump faces financial challenges compared to Democrats' substantial funds on hand.

Donald Trump (Wikipedia)


Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021. Trump received a Bachelor of Science in economics from the University of Pennsylvania in 1968, and his father named him president of his real estate business in 1971. Trump renamed it the Trump Organization and reoriented the company toward building and renovating skyscrapers, hotels, casinos, and golf courses. After a series of business failures in the late twentieth century, he successfully launched side ventures that required little capital, mostly by licensing the Trump name. From 2004 to 2015, he co-produced and hosted the reality television series The Apprentice. He and his businesses have been plaintiff or defendant in more than 4,000 state and federal legal actions, including six business bankruptcies.Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. During the campaign, his political positions were described as populist, protectionist, isolationist, and nationalist. His election and policies sparked numerous protests. He was the first U.S. president with no prior military or government experience. A special counsel investigation established that Russia had interfered in the 2016 election to favor Trump's campaign. Trump promoted conspiracy theories and made many false and misleading statements during his campaigns and presidency, to a degree unprecedented in American politics. Many of his comments and actions have been characterized as racially charged or racist and many as misogynistic.As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a policy of family separations for migrants detained at the U.S. border. He weakened environmental protections, rolling back more than 100 environmental policies and regulations. He signed the Tax Cuts and Jobs Act of 2017, which cut taxes for individuals and businesses and rescinded the individual health insurance mandate penalty of the Affordable Care Act. He appointed Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett to the U.S. Supreme Court. He reacted slowly to the COVID-19 pandemic, ignored or contradicted many recommendations from health officials, used political pressure to interfere with testing efforts, and spread misinformation about unproven treatments. Trump initiated a trade war with China and withdrew the U.S. from the proposed Trans-Pacific Partnership trade agreement, the Paris Agreement on climate change, and the Iran nuclear deal. He met with North Korean leader Kim Jong Un three times but made no progress on denuclearization.Trump refused to concede after losing the 2020 presidential election to Joe Biden, falsely claiming widespread electoral fraud, and attempted to overturn the results by pressuring government officials, mounting scores of unsuccessful legal challenges, and obstructing the presidential transition. On January 6, 2021, he urged his supporters to march to the U.S. Capitol, which many of them then attacked, resulting in multiple deaths and interrupting the electoral vote count.Trump is the only American president to have been impeached twice. After he tried to pressure Ukraine in 2019 to investigate Biden, he was impeached by the House of Representatives for abuse of power and obstruction of Congress; he was acquitted by the Senate in February 2020. The House impeached him again in January 2021, for incitement of insurrection, and the Senate acquitted him in February. Scholars and historians rank Trump as one of the worst presidents in American history.Since leaving office, Trump has continued to dominate the Republican Party and is a candidate in the 2024 Republican presidential primaries. In 2023, a civil trial jury found that Trump sexually abused E. Jean Carroll. In 2024, a New York state court found Trump liable for financial fraud. Trump is appealing both judgments. He was also indicted in New York on 34 felony counts of falsifying business records, in Florida on 40 felony counts related to his mishandling of classified documents, in Washington, D.C., on four felony counts of conspiracy and obstruction for efforts to overturn the 2020 presidential election, and in Georgia on 13 charges of racketeering and other alleged felonies committed in an effort to overturn the state's 2020 election results. Trump pleaded not guilty to all charges.

Social media use by Donald Trump (Wikipedia)


Donald Trump's use of social media attracted attention worldwide since he joined Twitter in May 2009. Over nearly twelve years, Trump tweeted around 57,000 times, including about 8,000 times during the 2016 election campaign and over 25,000 times during his presidency. The White House said the tweets should be considered official statements. When Twitter banned Trump from the platform in January 2021 during the final days of his term, his handle @realDonaldTrump had over 88.9 million followers. On November 19, 2022, Twitter's new owner, Elon Musk, reinstated his account, although Trump has stated he will not use it in favor of his own social media platform, Truth Social. The first tweet since 2021 was made in August 2023 about his mugshot from Fulton County Jail, but the account has since remained inactive.For most of Trump's presidency, his account on Twitter, where he often posted controversial and false statements, remained unmoderated in the name of "public interest". Congress performed its own form of moderation: on July 16, 2019, the House of Representatives voted mostly along party lines to censure him for "racist comments" he had tweeted two days previously. In the face of this political censure, his tweets only accelerated. An investigation by The New York Times published November 2, 2019, found that, during his time in office to date, Trump had already retweeted at least 145 accounts that "have pushed conspiracy or fringe content, including more than two dozen that have since been suspended." In 2020, Trump also spread misinformation about the COVID-19 pandemic.During his 2020 reelection campaign, he falsely suggested that postal voting or electoral fraud may compromise the election, prompting Twitter to either remove such tweets or label them as disputed. After his election loss, Trump persistently undermined the election results in the weeks leading to Joe Biden's inauguration. His tweets played a role in inciting the January 6, 2021, attack of the US Capitol during the formal counting of electoral votes. Though the Senate eventually acquitted Trump during his second impeachment, social media companies swiftly banned him. Facebook and Instagram banned him for two years. Twitter permanently suspended his @realDonaldTrump handle, followed by the official account of his campaign (@TeamTrump) and the accounts of allies who posted on his behalf, like Trump campaign digital director Gary Coby. Twitter also deleted three tweets by Trump on the @POTUS handle and barred access to the presidential account until Joe Biden's inauguration. During the first week that Trump was banned on several platforms (January 9–15), election-related misinformation declined 73 percent, according to research analytics firm Zignal Labs.As Trump continued to issue brief statements, his spokesperson Liz Harrington tweeted screenshots of them under the Save America logo from June 2021 to June 2022. Since then, however, her Twitter handle @realLizUSA has been infrequently used. She said she would move to Truth Social, a Trump-affiliated social media application that launched on February 21, 2022.On April 4, 2023, at his arraignment hearing, Trump was warned by Acting New York Supreme Court Justice Juan Merchan not to use social media to incite violence.

Donald Trump Jr. (Wikipedia)


Donald John Trump Jr. (born December 31, 1977) is an American businessman, former television presenter, political activist, and author. He is the eldest child of former U.S. President Donald Trump and his first wife Ivana Trump.Trump serves as a trustee and executive vice president of The Trump Organization, running the company alongside his younger brother Eric. During their father's presidency, the brothers continued to do deals and investments in foreign countries, as well as collect payments in their U.S. properties from foreign governments, despite a pledge that they would not do so. He served as a boardroom judge on the reality TV show featuring his father, The Apprentice. He authored Triggered in 2019 and Liberal Privilege in 2020.Trump was active in his father's 2016 presidential campaign. He cooperated with Russia in their interference in the 2016 United States elections and had a meeting with a Russian lawyer who promised damaging information about the campaign of Hillary Clinton in the 2016 presidential election. Trump campaigned for several Republicans during the 2018 midterm elections. He has promoted several conspiracy theories.Trump was also active in his father's 2020 presidential campaign, often being on the campaign trail and being featured in the news for making unfounded claims. During the election he called for "total war" as the results were counted and promoted the stolen election conspiracy theory. Following his father's defeat, he engaged in attempts to overturn the results. He spoke at the rally that led to the storming of the Capitol, where he threatened Trump's opponents that "we're coming for you." In January 2021, Attorney General for the District of Columbia Karl Racine said that he is looking at whether to charge Donald Trump Jr. with inciting the violent attack on the U.S. Capitol in the criminal investigation into the attack. CNN reported in April 2022 that two days after the election, Trump Jr. sent a text message to White House Chief of Staff Mark Meadows outlining paths to subvert the Electoral College process and ensure his father a second term.

Family of Donald Trump (Wikipedia)


The family of Donald Trump, 45th president of the United States (2017–2021) and owner of The Trump Organization, is a prominent American family of German and Scottish descent. They are active in business, entertainment, politics, and real estate. Donald Trump, his third wife Melania, and their son Barron were the first family for the duration of his presidency. Trump's father Fred was the son of German immigrants, while his mother Mary Anne MacLeod was a Scottish immigrant. Trump has five children from three wives and ten grandchildren.

Presidency of Donald Trump (Wikipedia)


Donald Trump's tenure as the 45th president of the United States began with his inauguration on January 20, 2017, and ended on January 20, 2021. Trump, a Republican from New York City, took office following his Electoral College victory over Democrat nominee Hillary Clinton in the 2016 presidential election, in which he lost the popular vote to Clinton by nearly three million votes. Upon his inauguration, he became the first president in American history without prior public office or military background. Trump made an unprecedented number of false or misleading statements during his campaign and presidency. His presidency ended following his defeat in the 2020 presidential election to former Democratic vice president Joe Biden, after one term in office.Trump was unsuccessful in his efforts to repeal the Affordable Care Act but rescinded the individual mandate. Trump sought substantial spending cuts to major welfare programs, including Medicare and Medicaid. He signed the Great American Outdoors Act, reversed numerous environmental regulations, and withdrew from the Paris Agreement on climate change. He signed the First Step Act on job training and early release of some federal prisoners and appointed Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett to the Supreme Court. In economic policy, he partially repealed the Dodd–Frank Act and signed the Tax Cuts and Jobs Act of 2017. He enacted tariffs, triggering retaliatory tariffs from China, Canada, Mexico, and the European Union. He withdrew from the Trans-Pacific Partnership negotiations and signed the United States–Mexico–Canada Agreement, a successor agreement to NAFTA. The federal deficit increased under Trump due to spending increases and tax cuts.He implemented a controversial family separation policy for migrants apprehended at the United States–Mexico border, starting in 2018. Trump's demand for the federal funding of a border wall resulted in the longest US government shutdown in history. He deployed federal law enforcement forces in response to the racial unrest in 2020. Trump's "America First" foreign policy was characterized by unilateral actions, disregarding traditional allies. The administration implemented a major arms sale to Saudi Arabia; denied citizens from several Muslim-majority countries entry into the United States; recognized Jerusalem as the capital of Israel; and brokered the Abraham Accords, a series of normalization agreements between Israel and various Arab states. His administration withdrew United States troops from northern Syria, allowing Turkey to occupy the area. His administration also made a conditional deal with the Taliban to withdraw United States troops from Afghanistan in 2021. Trump met North Korea's leader Kim Jong Un three times. Trump withdrew the United States from the Iran nuclear agreement and later escalated tensions in the Persian Gulf by ordering the assassination of General Qasem Soleimani.Robert Mueller's Special Counsel investigation (2017–2019) concluded that Russia interfered to favor Trump's candidacy and that while the prevailing evidence "did not establish that members of the Trump campaign conspired or coordinated with the Russian government", possible obstructions of justice occurred during the course of that investigation.Trump attempted to pressure Ukraine to announce investigations into his political rival Joe Biden, triggering his first impeachment by the House of Representatives on December 18, 2019, but he was acquitted by the Senate on February 5, 2020.Trump reacted slowly to the COVID-19 pandemic, ignored or contradicted many recommendations from health officials in his messaging, and promoted misinformation about unproven treatments and the availability of testing.Following his loss in the 2020 presidential election to Biden, Trump refused to concede and initiated an extensive campaign to overturn the results, making false claims of widespread electoral fraud. On January 6, 2021, during a rally at the Ellipse, Trump urged his supporters to "fight like hell" and march to the Capitol, where the electoral votes were being counted by Congress in order to formalize Biden's victory. A mob of Trump supporters stormed the Capitol, suspending the count and causing Vice President Mike Pence and other members of Congress to be evacuated. On January 13, the House voted to impeach Trump an unprecedented second time for "incitement of insurrection", but he was later acquitted by the Senate again on February 13, after he had already left office. Trump had historically low approval ratings, and scholars and historians rank his presidency as one of the worst in American history.

SEAN HANNITY: Trump scored a ‘major’ legal victory out of New York


Fox News host Sean Hannity discusses the far-fetched and convoluted fraud case against former President Donald Trump. Fox News host Sean Hannity breaks down what former President Donald Trump's New York civil court case means for the U.S. legal system. TRUMP'S $454M JUDGMENT BOND SLASHED BY MORE THAN HALF IN APPEALS COURT RULING SEAN HANNITY: But tonight, I've got to begin with a plea.

Financial Status of Donald Trump\'s Social Media Company Revealed After Merger Financial Status of Donald Trump\'s Social Media Company Revealed After Merger Financial Status of Donald Trump\'s Social Media Company Revealed After Merger Financial Status of Donald Trump\'s Social Media Company Revealed After Merger Financial Status of Donald Trump\'s Social Media Company Revealed After Merger Financial Status of Donald Trump\'s Social Media Company Revealed After Merger

SOURCES

Business Insider

How many users does Donald Trump's social media company have? He won't say.

Business Insider

Yahoo! News

Trump Media stock falls more than 21% after company discloses $58 million loss for 2023

Yahoo! News

Daily Mail

Donald Trump's stake in Truth Social is down $2.4 BILLION

Daniel Jones

BBC News

Truth Social: Trump's DJT stock plummets days after going public

https://www.facebook.com/bbcnews

Yahoo! News

Trump Media's stock is almost certain to crash

Yahoo! News

Yahoo! News

Why Trump's digital media company is different from other money-losing startups

Yahoo! News

The Verge

Trump Media & Technology Group lost $58 million last year.

The Verge

Business Insider

Trump is worth a billion dollars less — on paper — after Truth Social shares tumble

Business Insider

Yahoo! News

Truth Social: Trump's DJT stock plummets days after going public

Yahoo! News

CNN

How Trump managed to lose $1 billion in net worth in a single day | CNN Business

Allison Morrow

PANORA

Trump's Social-Media Company Trump Media and Technology Group (TMTG) Sees Surging Stock Price After SPAC Merger, But Faces Revenue Challenges

PANORA

PANORA

New Trump Media & Technology Group Enters Nasdaq with Stock Ticker DJT

PANORA

PANORA

Trump Media & Technology Group to Begin Trading on Nasdaq with Truth Social

PANORA

PANORA

Donald Trump's Truth Social Network Set to Debut on Wall Street

PANORA

PANORA

Trump Media & Technology Group to Begin Trading on Nasdaq

PANORA

PANORA

Former President Trump's Media Company Nears Billion-Dollar Windfall

PANORA

PANORA

Trump Media & Technology Group Soars in Market Debut Despite Operating Losses

PANORA

Wikipedia

Trump Media & Technology Group

Wikipedia

PANORA

Truth Social SPAC could pay Trump's astronomical legal bills - if board OKs it

PANORA

PANORA

Trump's Truth Social Could Be Valued at Over $5 Billion Despite Mounting Losses

PANORA

PANORA

SEC Approves Trump Media's Merger to Take Truth Social Public

PANORA

PANORA

Trump's Truth Social Struggles to Attract a Wider Audience While Planning Merger with Multibillion-Dollar Windfall

PANORA

PANORA

The wild probe into investors of DWAC, Trump Media’s proposed merger ally

PANORA

PANORA

Trump seeks to outpace Biden in fundraising with $33 million goal

PANORA

Wikipedia

Donald Trump

Wikipedia

Wikipedia

Social media use by Donald Trump

Wikipedia

Wikipedia

Donald Trump Jr.

Wikipedia

Wikipedia

Family of Donald Trump

Wikipedia

Wikipedia

Presidency of Donald Trump

Wikipedia

PANORA

SEAN HANNITY: Trump scored a ‘major’ legal victory out of New York

PANORA