CEO of Trump’s Truth Social media company ousted after losing billions

Trump Jr. is a board member of the company.

Trump Media and Technology Group (TMTG) was valued at US$10 billion ($14 billion) when it first went public in March 2024.

Now its value is estimated at just $3.7 billion, just over a quarter of its original value.

When the company launched, they predicted it would have 40 million paying subscribers and $5 billion in annual revenue by 2026.

But since going public in March 2024, it has lost more than $1.4 billion.

“TMTG expects to incur operating losses in the near future,” the annual report said.

“If Truth Social or Truth+ fails to develop and maintain followers or sufficient audiences, or if adverse trends develop for social media platforms or streaming services in general, TMTG’s business would be negatively affected.”

The annual report also indicated that TMTG may need more investment.

Truth Social was touted as a conservative alternative to other social media sites, but has attracted few high-profile users other than Trump himself.

Video streaming platform Truth+ has also failed to connect with a broader audience.

The platform bills itself as showing “unwoke 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 worth of Bitcoin in the middle of last year.

During his time running the company, Nunes received 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 running a technology company.

He has sued the owner of a Twitter account that pretended to be one of his cows for defamation. The case was dismissed.

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