Trump Media and Technology Group, owner of former President Donald Trump’s company. Truth Social social networking sitelost more than $300 million last quarter, according to its first earnings report. public company.
For the three-month period ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash charges related to its merger with Digital World Acquisition Corp., which essentially was a pile of dollars. money in search of a target with which to merge. This is an example of a so-called special purpose acquisition company, or SPAC, that can provide young companies with a faster and easier path to publicly trading their shares.
A year earlier, Trump Media reported a loss of $210,300.
Trump Media reported revenue of $770,500 in the first quarter, largely from its “nascent advertising initiative.” That’s down from $1.1 million a year earlier.
“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 a statement. earnings press release.
Earlier this month, the company fired an auditor that federal regulators recently accused of “grand fraud.” The former president’s media company fired BF Borgers from its independent accounting firm on May 3, delaying the filing of its quarterly earnings report, according to securities filings.
Trump Media has previously replaced at least two other auditors—one resigned in July 2023 and another was removed from the board in March just as it was rehiring BF Borgers.
Trump Media shares rose 36 cents to $48.74 in after-hours trading. The shares, which trade under the ticker “DJT,” began trading on the Nasdaq in March and peaked at nearly $80 in late March.