The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

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

by admin 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
Hims & Hers Health says it will offer compounded GLP-1 injections
next post
Pixar is laying off 14% of its workforce as Disney scales back content

Related Posts

Wall Street expects Trump presidency will unlock deal-making

November 9, 2024

Economic uncertainty reigns as the grip of inflation...

April 10, 2024

From tariffs to DOGE, what companies are saying...

February 19, 2025

‘So darn easy’: IRS’ free Direct File pilot...

March 8, 2024

McDonald’s revenue disappoints as U.S. sales see worst...

February 11, 2025

Cargo thieves are attacking the U.S. supply chain...

May 11, 2025

Grocery stores are rationing eggs as supply falls...

February 15, 2025

U.S. could take stakes in more firms, White...

August 26, 2025

Bitcoin approaches new all-time high after surpassing $65,000

March 5, 2024

Procter & Gamble to cut 7,000 jobs as...

June 13, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      September 1, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 1, 2025
    • Trump says he will require voter ID with executive order

      September 1, 2025
    • Former FBI Director Robert Mueller has Parkinson’s disease: report

      September 1, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 31, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 31, 2025

    Categories

    • Business (1,370)
    • Politics (4,372)
    • Stocks (1,621)
    • Uncategorized (45)
    • World News (1,363)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, 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 thetraderharbor.com | All Rights Reserved