(PatriotPostNews.com) – Trump Media and Technology Group (TMTG) posted over $300 million in losses for Q1 in 2024. TMTG is the parent company that operates Truth Social, Donald Trump’s personal X (Twitter) competitor.
Q1 2023 saw over $1 million in revenue, whereas Q1 2024 saw roughly $800,000. To stay competitive with X, Truth Social has focused on developing new features and technology. Ideally, the new endeavors will earn TMTG greater revenue in the future, but for now, Truth Social is hemorrhaging money. TMTG trades under the handle “DJT.”
Truth Social’s peak stock value hovered around $80 as of March, 2024. Truth Social has a market value of over $6 billion. TMTG does not disclose the number of users on Truth Social.
President Joe Biden is experiencing his own financial struggles. Fundraising for the Democratic president has dropped from around $90 million in March 2024, to $51 million in April of the same year.
Biden’s campaign holds just under $200 million, with over $80 million immediately available. The campaign spends roughly $3 million in pay on 250 campaign employees. A Democratic superPAC holds over $50 million in cash.
Former President Donald Trump’s campaign has raised nearly $80 million. The Trump campaign spends roughly $550,000 on employee pay. The Save America PAC has spent over $3 million in legal fees in support of Trump. The Republican National Convention has set aside nearly $15 million to be used for a campaign headquarters as well as some to be set aside for the party’s national convention. Another Trump PAC, Make America Great Again Inc., holds almost $35 million on hand.
In addition to financial controversy, Trump and Truth Social are facing backlash for a video allegedly posted by a Trump staffer overseeing the former president’s Truth Social account. The comment referenced a “unified Reich,” which commentators described as a reference to Adolf Hitler’s 3rd Reich.
The video has since been deleted.
Copyright 2024, PatriotPostNews.com
