Trump Media Reports Significant Losses in First Quarter with Revenue of Only $770,500

Trump Media & Technology Group, the parent company of Donald Trump’s Truth Social platform, reported 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 with the Securities and Exchange Commission.

This financial disclosure comes as one of the first measures of the company’s true financial health since it went public on the Nasdaq stock exchange in March. The company completed a merger with a shell company, Digital World Acquisition Corp, to become publicly traded.

Following the release of the earnings report, DJT shares remained relatively flat in post-market trading. The stock had experienced a 5% decline at market close, with a share price of $48, giving the company a total value of about $6.6 billion.

Since going public, DJT stock has been on a volatile trajectory, with significant fluctuations in value without any major news driving the changes.

TMTG CEO Devin Nunes stated that the company is exploring various initiatives and innovations to enhance the Truth Social platform, including potential mergers and acquisitions. Nunes also mentioned plans to develop a live TV streaming feature, which the company believes will be a significant enhancement to the platform.

In its Q1 report, TMTG revealed that it has secured contracts with its first data center partner to host the TV platform and a hardware vendor to provide equipment. However, the company recently announced a delay in its quarterly filing after its former auditor, BF Borgers CPA, was charged with “massive fraud” by the SEC, raising concerns about the accuracy of the financial information audited by the firm.