Trump Media and Technology Group, the parent company of Donald Trump's social networking site Truth Social, reported a loss of $327.6 million for the first quarter of 2024. The loss includes $311 million in non-cash expenses related to its merger with Digital World, a special purpose acquisition company (Spac).
In its first earnings report as a publicly traded company, Trump Media posted revenue of $770,500 for the three months ending 31 March, down from $1.1 million a year earlier. The company attributed this to its 'nascent advertising initiative' and stated it remains focused on 'long-term product development, rather than quarterly revenue'.
Earlier this month, Trump Media dismissed its auditor, BF Borgers, after federal regulators charged the firm with 'massive fraud'. The dismissal delayed the filing of the quarterly report. The company has cycled through at least two other auditors since July 2023.
Shares of Trump Media, trading under the ticker 'DJT', rose 36 cents to $48.74 in after-hours trading. The stock began trading on Nasdaq in March and peaked at nearly $80 in late March.
