Trump Media says it lost more than $400 million last year

The parent company of President Donald Trump’s social networking site Truth Social says it lost $400.9 million last year and its annual revenue declined 12% to $3.6 million. Trump Media and Technology Group reported its earnings late Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner. After winning the presidential election in November, Trump in December transferred all of his shares — worth around $4 billion on paper — as a “bona fide gift” to the Donald J. Trump Revocable Trust. Trump’s shares amounted to more than half of the company’s stock.