Trump Media’s revenue more than triples in third quarter
FILE PHOTO: A man looks at this phone as a screen displays trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26, 2024. REUTERS/Brendan McDermid/File Photo
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Nov 9 : Trump Media & Technology Group on Monday reported third-quarter revenue that more than tripled from a year earlier, fueled by growth in its Truth API data-licensing business.
Founded by US President Donald Trump and known for its Truth Social platform, Trump Media & Technology Group has increasingly sought to transform itself from a social media company into a broader technology and investment business.
Earlier this year, Trump Media launched Truth API, describing it as a subscription-based data feed that provides licensed, low-latency access to publicly available Truth Social posts.
Last month, Reuters reported that Truth Social has signed Bloomberg, Susquehanna International Group and Jump Trading as customers, with subscribers paying between $60,000 and $100,000 a month for faster access to Truth Social posts.
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Truth API generated $1.8 million in subscription revenue, emerging as Trump Media’s largest growth driver.
The company recorded $409.7 million in net income, mostly due to gains from increases in the value of its digital assets and investments. This compared to a net loss of $54.8 million a year earlier.
Revenue soared 205 per cent to $3.0 million in the quarter ended September 30.
Source: Reuters
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