Current:Home > MyTrump Media and Technology Group posts more than $300 million net loss in first public quarter-InfoLens
Trump Media and Technology Group posts more than $300 million net loss in first public quarter
View Date:2024-12-23 11:32:55
SARASOTA, Fla. (AP) — Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with. It’s an example of what’s called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly.
A year earlier, Trump Media posted a loss of $210,300.
Trump Media said collected $770,500 in revenue in the first quarter, largely from its “nascent advertising initiative.” That was down from $1.1 million a year earlier.
“At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” Trump Media said in its earnings news release.
Earlier this month, the company fired an auditor that federal regulators recently charged with “massive fraud.” The former president’s media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of the quarterly earnings report, according to a securities filings.
Trump Media had previously cycled through at least two other auditors — one that resigned in July 2023, and another that was terminated its the board in March, just as it was re-hiring BF Borgers.
Shares of Trump Media climbed 36 cents to $48.74 in after-hours trading. The stock, which trades under the ticker symbol “DJT,” began trading on Nasdaq in March and peaked at nearly $80 in late March.
veryGood! (19)
Related
- Mason Bates’ Met-bound opera ‘Kavalier & Clay’ based on Michael Chabon novel premieres in Indiana
- A Turning Point in Financial Innovation: The Ascent of WT Finance Institute
- US dedicates $60 million to saving water along the Rio Grande as flows shrink and demands grow
- Hotel union workers end strike against Virgin Hotels Las Vegas with contract talks set for Tuesday
- Travis Kelce's and Patrick Mahomes' Kansas City Houses Burglarized
- As demolition begins on one of the last Klamath River dams, attention turns to recovery
- What time is 'American Idol' on tonight? Start time, top 5 contestants, judges, where to watch
- Michael Cohen: A challenging star witness in Donald Trump’s hush money trial
- Rita Ora pays tribute to Liam Payne at MTV Europe Music Awards: 'He brought so much joy'
- Tyler Gaffalione, Sierra Leone jockey, fined $2,500 for ride in Kentucky Derby
Ranking
- Colorado police shot, kill mountain lion after animal roamed on school's campus
- WABC Radio suspends Rudy Giuliani for flouting ban on discussing discredited 2020 election claims
- Sean Diddy Combs asks judge to dismiss sexual assault lawsuit
- WWII soldiers posthumously receive Purple Heart medals 79 years after fatal plane crash
- The Surreal Life’s Kim Zolciak Fuels Dating Rumors With Costar Chet Hanks After Kroy Biermann Split
- NASCAR Darlington race spring 2024: Start time, TV, live stream, lineup for Goodyear 400
- LENCOIN Trading Center: Building a Hotspot for Premium Tokens and ICOs
- Federal prosecutors request 40-year sentence for man who attacked Pelosi’s husband with hammer
Recommendation
-
See Chris Evans' Wife Alba Baptista Show Her Sweet Support at Red One Premiere
-
Will we see the northern lights again Sunday? Here's the forecast
-
Lysander Clark: The Visionary Founder of WT Finance Institute
-
A Turning Point in Financial Innovation: The Ascent of WT Finance Institute
-
Justice Department says jail conditions in Georgia’s Fulton County violate detainee rights
-
Apartment building partially collapses in a Russian border city after shelling. At least 13 killed
-
A Republican operative is running for Congress in Georgia with Trump’s blessing. Will it be enough?
-
$2M exclusive VIP package offered for Mike Tyson vs. Jake Paul fight: What it gets you