Trump Media’s revenue more than triples in third quarter

Nov 9 (Reuters) – 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.

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% to $3.0 million in the quarter ended September 30.

(Reporting by Prathik Jayaprakash in Bengaluru; Editing by Leroy Leo)