Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with.
It’s an example of what’s called 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 $1.1 million a year earlier.
Shares of Trump Media climbed 36 cents to $48.74 in after-hours trading. The stock, which trades under the ticker symbol “DJT,” began trading on Nasdaq in March and peaked at nearly $80 in late March.
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Author: Joe Weber
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