Trump Media and Technology Group, the parent company of Truth Social, reported a loss of over $300 million in the first quarter as a publicly traded company. This was significantly higher than the loss of $210,300 reported a year earlier. The main reason for this loss was non-cash expenses due to its merger with Digital World Acquisition Corp., which totaled $311 million.
Despite generating only $770,500 in revenue during the first quarter, Trump Media stated that it is focusing on long-term product development rather than immediate revenue results. However, this did not stop the company from dismissing its auditor earlier in the month due to federal fraud charges. This delay further delayed the filing of the quarterly earnings report.
Despite these challenges, shares of Trump Media rose by 36 cents to $48.74 in after-hours trading following the release of its earnings report. Despite initial setbacks and controversies surrounding its acquisition, shares had reached close to $80 in late March after its initial public offering on Nasdaq.
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