NEW YORK — 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 & Technology Group reported its earnings late Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner.

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.

The president’s son Donald Trump Jr. is the sole trustee and has sole voting and investment power over all securities owned by the trust. — Associated Press