In the latest quarter, Trump Media and Technology Group, the parent company of Truth Social, reported a loss of over $300 million. This was their first earnings report since becoming a publicly traded company. The company attributed much of this loss to non-cash expenses related to its merger with Digital World Acquisition Corp, which was a special purpose acquisition company.
Trump Media generated $770,500 in revenue during the first quarter, primarily from advertising efforts. This was a decrease from the previous year when revenue was at $1.1 million. However, the company emphasized that their focus is on long-term product development rather than immediate revenue.
The company faced challenges with its auditors, resulting in delays in filing the quarterly earnings report. Federal regulators had charged the former auditor with fraud, leading Trump Media to dismiss them. Previously, the company had gone through several auditors before settling on BF Borgers.
Despite these challenges, Trump Media’s stock price saw an increase in after-hours trading following the release of their earnings report. The stock trades under the ticker symbol “DJT” and began trading on Nasdaq in March. The stock price had reached nearly $80 in late March before declining due to market volatility and concerns about inflation.
