According to an income statement released on the same day Donald Trump won again the president, the parent firm of Truth Social, Donald Trump‘s social networking site, lost USD 19.2 million in the last fourth. In addition to a drop in income, Trump Media and Technology Group reported delayed on Tuesday that the shock election time earnings report revealed that more than USD 12 million in legal fees were to blame for a large portion of that loss.
On Wednesday, the share value rose, but it was more probable that Trump’s victory over Kamala Harris would have had an impact on its future earnings.
Following the Capitol riot on January 6, 2021, when he was banned from Twitter and Facebook, Trump founded the business.
Income for the three-month phase that ended on September 30 was just over USD 1 million, down almost 6 per cent from a year earlier. Trump Media, based in Sarasota, Florida, has lost more than USD 363 million so far this year.
Trump Media claimed some of its costs were related to the start of Truth+, a new TV streaming services.
Devin Nunes, the company’s CEO and former Republican US agent, stated in a statement that the company” continues to look at various avenues for growth,” including mergers with businesses that “would advantage from Trump Media technology and branding.”
The business claimed in a regulatory report that its success was largely dependent on” the reputation and popularity of President Donald J. Trump.”
