Trump Media & Technology Group, the company that owns former President Donald Trump’s social networking site Truth Social, reported a loss of over $300 million in its first earnings report as a publicly traded company. This three-month period ended on March 31, and the loss was specifically $327.6 million. The company attributed $311 million of this loss to non-cash expenses associated with its merger with Digital World Acquisition Corp. This merger was essentially a special purpose acquisition company (SPAC), which aims to help young companies go public more easily.
Trump Media had posted a loss of $210,300 a year ago. Despite the financial losses and changes in auditors, Trump Media’s stock under the ticker symbol “DJT” gained 36 cents to reach $48.74 in after-hours trading. The stock, which started trading on Nasdaq in March, reached a peak of nearly $80 in late March. At this stage, the company is more focused on long-term product development than quarterly revenue as they emphasized in their earnings news release.