Trump Media & Technology Group, the parent company of Truth Social, disclosed that it lost $327.6 million on just $770,500 in revenue during the first quarter of 2024.
For the three-month period ending March 31, the company’s losses included $311 million in non-cash expenses related to its merger with Digital World Acquisition.
In contrast, for the year-ago quarter, Trump Media had reported a loss of $210,300.
In its earnings news release, Trump Media acknowledged that at this early stage of the company’s development, the focus remains on long-term product development rather than quarterly revenue.
TMTG still commands a market valuation of more than $6 billion, an improbable multiple given the company’s financial condition.
The company’s financial troubles have been compounded by recent controversies, including the termination of an auditor that federal regulators had charged with “massive fraud.” Earlier this month, Trump Media dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of the quarterly earnings report, according to securities filings.
The 10Q notes that the results are unaudited. Read more.
