Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

Business

Trump Media lost $327.6 million in the first quarter of the year on revenue of just $770,500

by May 22, 2024
May 22, 2024
Trump Media lost $327.6 million in the first quarter of the year on revenue of just $770,500

Trump Media & Technology Group, the parent company of Donald Trump’s Truth Social platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its earnings report, filed Monday with the Securities and Exchange Commission.

The report is one of the first measures of company’s true financial health since it debuted as a public company on the Nasdaq stock exchange in March, after completing a merger with a shell company, Digital World Acquisition Corp.

DJT shares were relatively flat in post-market trading following the release of the earnings report, which had not been highly publicized prior. The stock was down 5% at market close, with a share price of $48, giving it a total value of about $6.6 billion.

Since going public, the DJT stock has whipsawed on what experts say is a meme stock trajectory, sometimes rising or falling dramatically, without any significant news to account for the swing.

TMTG CEO Devin Nunes said that the company is exploring “a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities” in a statement on Monday.

“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 added.

In April, the company announced that Truth Social would launch a TV streaming platform in three phases, the first for Android, iOS, and Web. The second would roll out as stand-alone apps for phones, tablets and other devices. The last phase would launch for home television.

In its Q1 report, TMTG said it has signed contracts with its first data center partner, which would host the TV platform, and a hardware vendor to provide equipment.

The company told the SEC last week that it would delay its quarterly filing, after the agency charged its former auditor, BF Borgers CPA, with “massive fraud” of hundreds of companies, raising red flags about the accuracy of the financial information that the firm had audited.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Nestle to launch frozen pizzas, other foods targeting users of weight-loss drugs
next post
Pixar is laying off 14% of its workforce as Disney scales back content

Related Posts

IRS announces when it will begin accepting and...

January 11, 2024

UAW strike begins at Mercedes-Benz supplier in Alabama...

September 24, 2023

Honda recalls thousands of hybrids over electrical issue...

December 22, 2023

Pink Stanley Quencher Starbucks cup release sparks mayhem...

January 6, 2024

Amazon says more packages are arriving in a...

May 1, 2024

Boeing, NASA say Starliner astronaut launch will move...

May 26, 2024

Inflation ticked up to 3.4% in December thanks...

January 12, 2024

Presidential debate drew 51.3 million viewers, down from...

July 1, 2024

Spirit Airlines to pay up to $8.25 million...

August 26, 2023

Tiger Woods unveils new lifestyle brand and clothing...

February 14, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved