Trump Media and Technology Group, the owner of the social networking site Truth Social, reported a loss of over $300 million in the last quarter. This marked the company’s first earnings report since going public. The losses were attributed to non-cash expenses related to its merger with Digital World Acquisition Corp, a special purpose acquisition company.
In the first quarter of this year, Trump Media garnered $770,500 in revenue primarily from its early-stage advertising efforts, a decrease from the previous year. The company emphasized its focus on long-term product development rather than immediate revenue generation. Despite the financial challenges, shares of Trump Media saw a slight increase in after-hours trading.
The recent firing of an auditor that was charged with fraudulent activities by federal regulators is just one setback that Trump Media has faced in ensuring financial compliance. The company has experienced turnover with auditors in the past and remains determined to overcome these challenges and continue developing Truth Social and expanding its reach in the competitive social networking landscape.
