Donald John Trump (born June 14, 1946) is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in the New York City borough of Queens, and received a bachelor's degree in economics from the Wharton School. He took charge of his family's real-estate business in 1971, renamed it The Trump Organization, and expanded its operations from Queens and Brooklyn into Manhattan.
The company built or renovated skyscrapers, hotels, casinos, and golf courses. Trump later started various side ventures, mostly by licensing his name. He owned the Miss Universe and Miss USA beauty pageants from 1996 to 2015, and produced and hosted The Apprentice, a reality television show, from 2003 to 2015. Forbes estimates his net worth to be $3.1 billion.
Trump’s Social Media Company Posts Q1 Revenue of $770,500 and Net Loss of $327.6 Million
variety.comTodd Spangler NY Digital Editor Trump Media and Technology Group, the company affiliated with former U.S. president Donald Trump that operates Truth Social, reported $770,500 in revenue for the first quarter of 2024 and a net loss of $327.6 million.
Shares in Sarasota, Fla.-based TMTG — which says it is a “safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations” — began trading on Nasdaq March 26, 2024, following its merger with special purpose acquisition company Digital World Acquisition Corp. (DWAC).
Trump owns about 65% of the outstanding shares in Trump Media & Technology Group, which trade under the ticker “DJT.” In Q1, the company recorded $311 million in non-cash expenses arising from the conversion of promissory notes, and the associated elimination of prior liabilities, immediately before the closing of TMTG’s merger with DWAC.
The company had a first-quarter operating loss of $12.1 million based on adjusted EBITDA calculations; approximately half of that amount — $6.3 million — consisted of one-time payments related to the closing of TMTG’s merger with DWAC. “At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” the company said in announcing first-quarter 2024 results. “By adding features to Truth Social, launching live TV streaming, and building out its ecosystem, the Company aims to first develop a slate of best-in-class products that can then be leveraged to increase revenue and drive long-term value.” TMTG said the its “nascent advertising initiative” will “continue to evolve as TMTG implements its vision.” The company plans to launch a new “live TV streaming platform” for Truth Social’s.
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