Trump Media & Technology Group Reports Over $300M Loss In First Earnings Since Going Public: Truth Social Parent 'Remains Focused On Long-Term Product Development'

Kaustubh Bagalkote

May 20, 2024

Trump Media and Technology Group (NASDAQ:DJT), the owner of Donald Trump's social networking site Truth Social, reported a loss of over $300 million last quarter, marking its first earnings report as a publicly traded company.

What Happened: For the three months ending Mar. 31, the company posted a loss of $327.6 million, which included $311 million in non-cash expenses related to its merger with Digital World, a company created specifically to merge with a target business.

This merger is an example of a special purpose acquisition company, which provides young companies with quicker and easier routes to go public.

Trump Media reported $770,500 in revenue for the first quarter, primarily from its “nascent advertising initiative.”

"At this early stage in the company's development, TMTG remains focused on long-term product development, rather than quarterly revenue," said Trump Media in its earnings release.

See Also: Donald Trump Issues Eyebrow-Raising Demand Ahead Of Proposed Debates With Joe Biden: ‘I Just Wanna Debate This Guy, But …’

Why It Matters: The financial report comes after a series of significant events for Trump Media. In early May, the company handed Trump a stock bonus worth $1.8 billion, pushing his stake in the company beyond $5.7 billion. This was awarded for maintaining the stock price above $17.50 for 20 consecutive trading days.

Shortly after, Trump Media’s tech-ad partner, Rumble, sued Google for over $1 billion, alleging monopolistic practices in its digital advertising products.

Trump Media also overhauled its auditors amid SEC fraud allegations and called for a legislative probe into the short-selling of its shares, a move that was criticized as a “diversion tactic” by financial journalist Herb Greenberg.

Price Action: DJT traded at $48.45 in after-hours on Monday, up 0.14%. The stock has risen 177.25% year-to-date, according to the data from Benzinga Pro.

Read Next: Trump Vs Biden: Poll Reveals Surprise Preference For One Candidate Over Other When It Comes To Economy

Image Via Shutterstock

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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