Trump Media and Technology Group Reports Over $300 Million Loss in First Earnings Report

The Trump Media and Technology Group, owner of Donald Trump’s social networking site Truth Social, reported a significant loss of over $300 million in its first earnings report as a publicly traded company. The company posted a loss of $327.6 million for the three months ending Mar. 31, with $311 million in non-cash expenses related to its merger with Digital World.

This merger, a special purpose acquisition company, provided Trump Media with a quicker route to going public. Despite the loss, the company reported $770,500 in revenue for the first quarter, primarily from its advertising initiative.

Trump Media emphasized its focus on long-term product development rather than quarterly revenue in its earnings release. The financial report comes after a series of events for the company, including Trump receiving a stock bonus worth $1.8 billion and a lawsuit from its tech-ad partner Rumble against Google for alleged monopolistic practices.

The company also faced SEC fraud allegations, overhauled its auditors, and called for a legislative probe into the short-selling of its shares. Despite these challenges, DJT stock traded at $48.45 in after-hours trading, up 0.14%, and has risen 177.25% year-to-date.

The developments at Trump Media highlight the challenges and controversies facing the company as it navigates the competitive landscape of social media and technology.