This illustration shows an image of former President Donald Trump reflected in a phone screen displaying the Truth Social app, in Washington, D.C., on February 21, 2022.
Stephanie Reynolds AFP | Getty Images
Trump Media and 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 of $770,500, according to its data. Profits A report filed Monday with the Securities and Exchange Commission.
The report is one of the first measures of the 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 after-market trading after the earnings report, which had not been widely reported before. The stock was down 5% at market close, with the stock price at $48.
Since DJT went public, its shares have flipped what experts say is the trajectory of meme stocks, sometimes rising or falling dramatically, without any significant news to account for the swing.
TMTG CEO Devin Nunes said the company is exploring “a broad range of initiatives and innovations to build out the Truth Social platform including potential merger and acquisition activity” in a statement on Monday.
“We are particularly excited to move forward with live TV through the development of our content delivery network, which we believe will be a significant enhancement to the platform,” Nunes added.
In April, the company announced that Truth Social would launch a TV streaming platform in three phases, first for Android, iOS and web. The second app will be released as standalone apps for phones, tablets, and other devices. The final phase will be launched for home TV.
In its first-quarter report, TMTG said it had signed contracts with its first data center partner, which will host the TV platform, and a hardware vendor to provide the equipment.
The company told the Securities and Exchange Commission last week that it would delay its quarterly filing, after the agency accused its former auditor, BF Borgers CPA, of “massive fraud” against hundreds of companies, raising red flags about the accuracy of the financial information the company provides. It has been audited.
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