Trump Media reports $16 million loss for quarter as revenue falls
Trump Media, the social media company whose majority shareholder is former President Donald Trump, on Friday reported a net loss of more than $16 million for the most recent financial quarter, mostly due to legal expenses, as well as consulting and licensing expenses.
Trump Media, the social media company whose majority shareholder is former President Donald Trump, on Friday reported a net loss of more than $16 million for the most recent financial quarter, mostly due to legal expenses, as well as consulting and licensing expenses.
Trump Media, which owns the Truth Social app often used by the former president, also reported that its already meager revenue dropped by 30% for the three months that ended June 30, compared to the same period last year.
The stock price of Trump Media, which trades under the DJT ticker, has fallen sharply from a high of more than $71 per share shortly after began publicly trading in late March following a merger with a so-called special purpose acquisition corporation. Trump Media stock closed at $26.21 per share Friday afternoon, a decrease of .49%.
The company has a market capitalization of nearly $5 billion, an extraordinarily high valuation given its very modest sales.
In its 10-Q filing Friday afternoon, Trump Media reported a loss of $16.37 million for the quarter ending June 30, compared to a $22.8 million loss for the same quarter in 2023.
Rating: 5