One risk, the company said, is that Trump would be entitled to vote in his own interest as a controlling stockholder — which may not always be in the interests of all shareholders. Digital World also cited the high rate of failure for new social media platforms, as well as Trump Media’s expectation that it would lose money on its operations “for the foreseeable future.”Trump Media lost $49 million in the first nine months of last year, when it brought in just $3.4 million in revenue and had to pay $37.7 million in interest expenses.DWA’s shareholders also voted Friday to approve a slate of seven people, including the former president’s son, Donald Trump Jr., to hold seats on Trump Media’s board. Among the others are former Republican Rep. Devin Nunes, who would also be the company’s CEO; Robert Lighthizer, who served as Trump’s U.S. trade representative; Linda McMahon, who ran the Small Business Administration under Trump; and, Kashyap “Kash” Patel, a White House national security aide during the Trump administration.Trump Media and Digital World first announced their merger plans back in October 2021. In addition to a federal probe, the deal faced a series of lawsuits leading up to Friday’s vote.Truth Social launched in February 2022, one year after Trump was banned from major social platforms including Facebook and Twitter, the platform now known as X, following the Jan. 6 insurrection at the U.S. Capitol. He’s since been reinstated to both, but has stuck with Truth Social as a megaphone for his message.
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