SARASOTA, Fla. (AP) – Trump Media and Technology Group, owner of former President Donald Trump's social networking site TruthSocial, lost money last quarter, according to its first earnings report as a publicly traded company. The company reportedly suffered losses of more than $300 million.
The company posted a loss of $327.6 million for the three months ended March 31, including non-cash charges of $311 million related to its merger with a company called Digital World Acquisition Corporation. It was announced that $1,000,000 was included. Some of the cash looking for a target to merge with. This is an example of a so-called special purpose acquisition company (SPAC) that can offer young companies a faster and easier route to trading their shares publicly.
A year ago, Trump Media posted a loss of $210,300.
FILE – A download screen for the Truth Social app seen on a laptop computer on March 20, 2024 in New York. Trump Media and Technology Group, owner of former President Donald Trump's social networking site Truth Social, reported sales of $300 million in the last quarter, according to its first earnings report as a publicly traded company on Monday, May 20. The company reportedly suffered a loss of more than $100,000. (AP Photo/John Minchillo) File)
Trump Media said it collected $770,500 in revenue in the first quarter, primarily from “early advertising initiatives.” This was down from $1.1 million in the same period last year.
“At this early stage of the company's development, TMTG remains focused on long-term product development rather than quarterly revenue,” Trump Media said in an earnings news release.
Earlier this month, the company fired its auditor, who federal regulators recently accused of “massive fraud.” The former president's media company fired BF Borgers as its independent accounting firm on May 3 and delayed filing its quarterly financial report, according to securities filings.
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Trump Media has previously cycled through at least two auditors, one of whom resigned in July 2023 and the other who was fired from the board in March just in time to rehire BF Borger. Ta.
Trump Media shares rose 36 cents to $48.74 in after-hours trading. The stock, which trades under the ticker symbol “DJT,” began trading on the Nasdaq in March and reached a high of nearly $80 in late March.
