Trump Media lost $327.6 million in the first quarter of the year on revenue of just $770,500
Trump Media & Technology Group, the parent company of Donald Trump’s Truth Social platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its earnings report, filed Monday with the Securities and Exchange Commission.
Trump Media & Technology Group, the parent company of Donald Trump’s Truth Social platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its earnings report, filed Monday with the Securities and Exchange Commission.
The report is one of the first measures of company’s true financial health since it debuted as a public company on the Nasdaq stock exchange in March, after completing a merger with a shell company, Digital World Acquisition Corp.
DJT shares were relatively flat in post-market trading following the release of the earnings report, which had not been highly publicized prior. The stock was down 5% at market close, with a share price of $48, giving it a total value of about $6.6 billion.
Since going public, the DJT stock has whipsawed on what experts say is a meme stock trajectory, sometimes rising or falling dramatically, without any significant news to account for the swing.
TMTG CEO Devin Nunes said that the company is exploring “a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities” in a statement on Monday.
Rating: 5