First Quarter Financials: Trump Media Sees $770,500 in Revenue, Faces $327.6 Million Net Loss

According to its earnings report, which was submitted to the Securities and Exchange Commission on Monday, Trump Media & Technology Group, the parent business of Donald Trump’s Truth Social platform, reported a net loss of $327.6 million for the first quarter of the year, with total revenue of $770,500.

After concluding a merger with a shell company, Digital World Acquisition Corp., the business made its public debut on the Nasdaq Stock Market in March.

This report represents one of the earliest assessments of the company’s actual financial condition.

DJT shares had not been heavily publicized before the release of the earnings report, thus post-market trading saw them move relatively flat. At the close of business, the stock had lost 5% and was trading at $48 per share.

Since going public, the DJT stock has fluctuated wildly on a trajectory that experts describe as a meme stock, occasionally increasing or dropping sharply without any noteworthy news to explain the change.

In a statement released on Monday, TMTG CEO Devin Nunes stated that the business is looking into “a wide array of initiatives and innovations to build out the Truth Social platform, including potential mergers and acquisitions activities”.

“We are particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform,” Nunes stated.

Truth Social stated in April that it would roll out a TV streaming service in three stages, starting with the Web, iOS, and Android versions.

The second would be released as stand-alone applications for tablets, smartphones, and other gadgets. The last stage would be released on home television.

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Trump Media announced in its first-quarter report that it has inked agreements with a hardware manufacturer to supply equipment and its first data center partner, which will host the TV platform.

The company informed the SEC last week that it would postpone filing its quarterly report due to concerns raised by the agency’s accusation of “massive fraud” involving hundreds of firms against its previous auditor, BF Borgers CPA, raising doubts about the veracity of the financial data the firm had examined.

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