Trump Media and Technology Group (the owner of Donald Trump’s social networking website Truth Social) lost more than 300m dollars last quarter, according its first earnings report since becoming a publicly listed company.
The company reported a $327.6m loss for the three months that ended on 31 March. This included $311m of non-cash costs related to the merger with Digital World. Digital World was basically a cash pile looking for an acquisition target.
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Trump Media had a loss in the amount of $210 300 a year before.
Trump Media reported $770,500 of revenue for the first quarter. This was largely due to its “nascent marketing initiative”. This was down from $1.1m in the same period last year.
In its earnings announcement, Trump Media stated that “TMTG is focused on the long-term development of products, not quarterly revenue.”
The company terminated an auditor who was recently accused of “massive fraudulent” by federal regulators. According to a Securities filing, the former president’s company, BF Borgers, fired BF Borgers on 3 May as its independent public accountant firm, which delayed the filing of quarterly earnings reports.
Trump Media has previously hired at least two auditors – one who resigned in 2023 and another terminated in March by the board, right as they were rehiring BF Borgers.
After-hours, shares of Trump Media rose 36 cents to $48,74. The stock was first listed on Nasdaq under the ticker “DJT” in March. It peaked in late March at almost $80.
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