How Truth Social Makes Money

President Trump’s social media platform went public in 2024.

Fact checked by Suzanne Kvilhaug
Reviewed by David Kindness

Truth Social, an alternative social media platform started by President Donald Trump, makes money from advertising. According to Trump Media & Technology Group (TMTG), the company believes free and open communication, particularly political speech, is essential to self-government and democracy.”

After its initial public offering (IPO) in March 2024, TMTG was valued at nearly $8 billion at market close on the first day of public trading.

Key Takeaways

• Truth Social is a social media platform created by Donald Trump as an alternative to platforms such as Facebook, Instagram, and X.
• Truth Social generates revenue by offering paid advertising.
• Trump Media & Technology Group (TMTG) went public in March 2024.

Truth Social’s Business Model

Like Facebook, Instagram, and X, Truth Social generates revenue by displaying digital advertisements on its users’ feeds. The site seeks to grow its user base to “drive more unique content, which in turn will drive the viral, organic promotion of content on Truth Social, thereby attracting more platform partners and advertisers.”

Truth Social does not track “traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts including monthly and daily active users.” It tries to attract users and advertisers who seek an alternative online forum to mainstream media. 

In March 2024, TMTG, the owner of Truth Social, had its IPO and was valued at around $8 billion on its first day at market close. Before the public offering, TMTG’s operations were funded primarily through “loans or offerings of securities exempt from the registration requirements of the Securities Act.”TMTG notes that its success will align with “the reputation and popularity of President Trump” and that the “value of TMTG’s brand may diminish if the popularity of President Trump were to suffer.”

Truth Social’s Financials

Truth Social initially launched for iOS in April 2022, was released as a web app in May 2022, and supported by Android in October 2022. It became available internationally in June 2023. The adjunct video service Truth+ enables users to watch the news, shows, and movies.

According to the 2024 Annual Report filed with the Securities and Exchange Commission (SEC), all of Truth Social’s 2023 revenue was derived from advertising. However, the company reported a net loss of approximately $58.2 million, down 215% compared to the net income reported in 2022, of $50.52 million. Truth Social incurred considerable interest expenses, approximately $39.43 million in 2023, relating to convertible promissory notes.

Under the “Risk Factors” section of its 2024 10-K report, TMTG states that it “expects to incur operating losses for the foreseeable future,” citing its efforts to “improve its business model by developing its technology as an early stage company.”The report states “There is limited operating history upon which to base any assumption as to the likelihood that TMTG will prove successful, and TMTG may never generate sufficient operating revenues to achieve profitable operations. If TMTG is unsuccessful in addressing these risks, its business will most likely fail.”

Note

Devin Nunes serves as the CEO of TMTG, the company that controls Truth Social.

Company Outlook

In Nov. 2024, Donald Trump was elected president of the United States, defeating his opponent Kamala Harris. Since his inauguration on Jan. 20, 2025, President Trump has continued to use Truth Social as his social media platform under the handle @realDonaldTrump to address domestic and global issues.

In Jan. 2025, Trump Media and Technology Group Corp.’s board of directors approved a financial services and technology strategy to launch the FinTech brand Truth.Fi.

How Many Active Users Does Truth Social Have?

As of 2024, Truth Social’s active user count is unknown and does not adhere to traditional key performance indicators. It also notes that “since its inception…it has not been maintaining internal controls and procedures for periodically collecting such information, if any.”

Is Truth Social Free to Join?

Truth Social is free to join. However, users must be at least 18 years old to create an account.

Where Is Truth Social Listed?

Trump Media & Technology Group, which owns Truth Social, is listed on the Nasdaq under the ticker symbol DJT, the initials of President Donald Trump.

How Truth Social Faced Any Legal Battles?

The company has had a history of legal issues. Trump sued the co-founders of Truth Social right before the IPO in March 2024, alleging that they mismanaged the setup and public offering of the company. The lawsuit was in response to one that the co-founders filed against Trump in February 2024, claiming that he and other company leaders were trying to deprive them of a stake in the company potentially worth hundreds of millions of dollars.

The Bottom Line

Truth Social aims to make money from advertising revenue and increase its product offerings and services. It will also “actively seek out opportunities” to acquire and partner with entrepreneurs who cater to “conservatives across various industries.”