---
title: "Trump’s Truth Social Media Company posts $327m loss in the first quarter"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-05-21T07:56:35+00:00"
modified: "2024-05-21T07:56:35+00:00"
date: 2024-05-21
canonical: "https://stockmark.it/trumps-truth-social-media-company-posts-327m-loss-in-the-first-quarter/"
category: "Media"
categories: ["Media"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-22-1.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Trump’s Truth Social Media Company posts $327m loss in the first quarter

**Published:** May 21, 2024
**Author:** Stockmark.IT Website
**Categories:** Media
**Featured image:** ![Sticker of Donald Trump's face with "Miss Me Yet?" text. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-22-1.jpg?fit=1200%2C800&quality=89&ssl=1)

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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.

This is an example of how a Special Purpose Acquisition Company, or Spac can help young companies get their shares listed on the stock exchange faster and easier.

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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**Original URL:** https://stockmark.it/trumps-truth-social-media-company-posts-327m-loss-in-the-first-quarter/
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