Donald Trump’s media company reported a $327.6 million first-quarter loss this week, sending Trump Media and Technology Group’s stock plunging in recent days.
Since Friday’s market close, TMTG, the parent company of the former president’s Truth Social site, has seen its share price slide 13.2% to $44.19, The Independent reported.
TMTG posted just $770,500 in revenue during the first quarter.
Company officials have said the first quarter results reflect the complications of a deal this March to merge with Digital World Acquisition.
“After an unprecedented, years-long process, we have consummated our merger and dispensed with the vast bulk of merger-related expenses, leaving the Company well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship,” TMTG CEO Devin Nunes said in a statement about the earnings results. Read more.
