Trump Media and Technology Group, the owner of Donald Trump's social networking site Truth Social, reported a loss of $327.6m for the first quarter of 2024, according to its first earnings report as a publicly traded company. The loss included $311m in non-cash expenses related to its merger with Digital World, a special purpose acquisition company (Spac) that facilitated its public listing.
The company generated just $770,500 in revenue during the quarter, primarily from its “nascent advertising initiative”, a decline from $1.1m in the same period last year. Trump Media stated that its focus remains on “long-term product development, rather than quarterly revenue”.
Earlier this month, the company dismissed its auditor, BF Borgers, after federal regulators charged the firm with “massive fraud”. This delayed the filing of the quarterly earnings report. Trump Media has cycled through at least two other auditors since July 2023.
Shares of Trump Media rose 36 cents to $48.74 in after-hours trading. The stock, trading under the ticker “DJT”, began trading on Nasdaq in March and peaked at nearly $80 in late March.
