In the most recent quarter, Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, reported a loss of over $300 million. This was revealed in their first earnings report since becoming a publicly traded company. The company had a loss of $327.6 million for the period ending March 31, which included $311 million in non-cash expenses associated with its merger with Digital World Acquisition Corp, a special purpose acquisition company.
Compared to the same period last year, Trump Media had a loss of $210,300. In the first quarter of this year, the company had $770,500 in revenue from its advertising initiative, down from $1.1 million the previous year. Despite this drop in revenue, Trump Media emphasized that it is currently focused on long-term product development rather than immediate revenue growth.
Trump Media recently dismissed BF Borgers as its independent public accounting firm on May 3 due to fraud charges by federal regulators. This delay caused a delay in submitting their quarterly earnings report. However, after-hours trading saw an increase of 36 cents in the stock price of DJT to $48.74 on May 4th. Although it reached nearly $80 in late March, the stock has dropped since then due to these developments
