U.S. President Donald Trump's social networking service Truth Social parent company is known to have.. – 매일경제
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U.S. President Donald Trump’s social networking service Truth Social parent company is known to have lost money due to failure to invest in virtual assets.
According to Bloomberg News and Yonhap News on the 9th (local time), Trump Media and Technology Group’s net loss in the first quarter of this year was $459 million (about 594.8 billion won).
Trump Media is the parent company of Truth Social created by President Trump and was established when its account was suspended from Twitter (X·X).
Trump Media’s adjusted pre-amortization operating loss (EBITDA) was $387.8 million, larger than the same period last year. Failure to invest in virtual assets is cited as the cause of the deficit.
According to the Guardian, Trump Media announced that it would create a “Bitcoin Treasury Department” by purchasing $3.5 billion worth of Bitcoin last year when Bitcoin prices were soaring.
In July last year, Bitcoin was purchased for an average of $108,519 each.
However, the price of virtual assets plunged earlier this year, and Trump Media sold 2,000 units in February when the price of Bitcoin was less than $70,000.
Trump Media explained that most of the losses were unrealized losses of digital assets and stock securities, as well as other non-cash losses such as unpaid interest and stock compensation.
In addition, former U.S. Rep. Devin Nunes, a former Trump media CEO, resigned on April 22, and the company’s stock price is now at $8.93 from $97.54 per share in early 2022.
Meanwhile, the Trump family has shown special interest in virtual assets, and the president’s eldest son Donald Trump Jr. and second son Eric Trump co-founded “American Bitcoin,” a bitcoin mining and storage company.
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