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Quoted By: >>1296787
https://www.theguardian.com/us-news/article/2024/may/20/trump-truth-social-loss
Trump Media and Technology Group, the owner of Donald Trump’s social networking site Truth Social, lost more than $300m last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended 31 March, the company posted a loss of $327.6m, which it said included $311m in non-cash expenses related to its merger with a company called Digital World, which was essentially a pile of cash looking for a target to merge with.
It’s an example of 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 $1.1m 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.
Trump Media and Technology Group, the owner of Donald Trump’s social networking site Truth Social, lost more than $300m last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended 31 March, the company posted a loss of $327.6m, which it said included $311m in non-cash expenses related to its merger with a company called Digital World, which was essentially a pile of cash looking for a target to merge with.
It’s an example of 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 $1.1m 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.
