In its first earnings report as a publicly traded company, Trump Media & Technology Group reported a loss of over $300 million. The total loss for the three-month period ending on March 31 was $327.6 million. This included $311 million in non-cash costs related to its merger with Digital World Acquisition Corp, a special purpose acquisition company.
Despite the lower revenue, Trump Media emphasized its long-term focus on product development over short-term gains. A year prior, the company reported a loss of $210,300 and had revenue of $770,500 in the first quarter, mainly from the early stages of its advertising program, which was a decrease from $1.1 million the previous year.
Trump Media parted ways with an auditor accused of fraud by federal regulators in May. The company’s earnings report was delayed due to the change in auditors, with former president’s media company firing BF Borgers on May 3. This was not the first time Trump Media faced audit-related issues; they had previously changed auditors in July 2023 and March of the same year.
Despite these challenges and changes in auditors, shares of Trump Media stock rose by 36 cents to $48.74 in after-hours trading following their trading debut on Nasdaq under the ticker symbol “DJT.” Since then, it hit a peak of nearly $80 in late March.
