Trump Media and Technology Group, which is owned by former President Donald Trump’s Truth Social, reported a loss of over $300 million in its first earnings report as a publicly traded company. The company’s financial statement for the quarter ending on March 31 showed a loss of $327.6 million, with $311 million in non-cash expenses related to a merger with Digital World Acquisition Corp.
The acquisition of Digital World Acquisition Corp was aimed at providing a quicker and easier route for companies to go public. Despite generating only $770,500 in revenue during the first quarter, mostly from its advertising initiative, compared to $1.1 million the previous year, the company emphasized its focus on long-term product development rather than short-term revenue generation in its earnings news release.
Trump Media recently fired its auditor, BF Borgers, who had been charged with fraud by federal regulators. This led to a delay in filing the quarterly earnings report. Shares of Trump Media rose 36 cents to $48.74 in after-hours trading under the ticker symbol “DJT” on Nasdaq after its debut earlier that month.