“All of the competitors to TRUTH SOCIAL, especially those in the Radical Left Democrats Party who are failing at every level, like to use their vaunted ‘disinformation machine’ to try and convince people, and it is not easy to do, that TRUTH is not such a big deal and doesn’t ‘get the word out’ as well as various others, which they know to be false,” Trump said in a post on the website.
Truth Social’s parent company, Trump Media & Technology Group, went public last week after finalizing its merger with the blank check company Digital World Acquisition Corp. (DWAC) after more than two years of delays.
Trump Media had a strong stock market debut, with shares rising above $79 on its first day of trading and settling around $62 by the end of the week.
However, the company’s share price plummeted Monday, after it reported a $58 million loss for 2023. By market close Monday, Trump Media’s stock had fallen 21.4 percent to a price of $48.66 per share. As of Thursday morning, its shares were hovering around $47.
Trump claimed Thursday morning that Truth Social had more than $200 million in cash and “ZERO DEBT.” Financial information on the company’s first quarter performance is not yet available.
Trump Media received an influx of $300 million from its merger with the DWAC. The company generated about $4.1 million in revenue last year and spent roughly $16 million on operating expenses and $39.4 million on interest expenses, according to regulatory filings.
“More importantly, it is the primary way I get the word out and, for better or worse, people want to hear what I have to say, perhaps, according to experts, more than anyone else in the World,” Trump said.
Read more in a full report at TheHill.com.
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