In its first earnings report as a publicly traded company, Trump Media and Technology Group reported a loss of over $300 million. The company attributed this loss to non-cash expenses related to its merger with Digital World Acquisition Corp. This was a significant increase from the much smaller loss of $210,300 that the company had posted in the previous year.
Revenue for Trump Media in the first quarter was $770,500, primarily from its advertising initiative. However, this was a decrease from $1.1 million in the previous year. The company stated that it is focused on long-term product development rather than immediate revenue generation at this early stage of its development.
Trump Media recently fired its auditor, BF Borgers, due to charges of fraud by federal regulators. This led to a delay in the filing of the quarterly earnings report. The company had previously changed auditors at least twice before this incident.
Despite these losses and changes in auditors, shares of Trump Media saw a slight increase in after-hours trading, climbing to $48.74. The stock, trading under the symbol “DJT,” had peaked at nearly $80 in late March after its initial listing on Nasdaq.
