How Truth Social Makes Money

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 “aims to safeguard public debate and open dialogue, and to provide a platform for all users to freely express themselves.”

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. It was valued at nearly $4.5 billion as of mid-March 2025.

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 (‘KPIs’), 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 Donald J. Trump” and that the “value of TMTG’s brand may diminish if the popularity of President Donald J. 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 news, shows, and movies.

According to the 2024 Annual Report filed with the U.S. Securities and Exchange Commission (SEC), advertising comprises “the substantial majority of TMTG’s revenue.” However, the company reported a net loss of approximately $400.9 million, the second consecutive year in the red after net income reported in 2022 of $50.52 million.

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, prospects, and operations may be adversely affected, and its business may likely fail.”

Company Outlook

In November 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 January 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.

The Bottom Line

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