Truth Social Parent Company Suffers Over $320 Million Loss In 1st Quarter Of The Year
HuffPost
Trump Media & Technology Group Corp. said it made just over $770 million in advertising revenue in the first three months of 2024.
The parent company of former President Donald Trump’s Truth Social platform lost over $320 million in the year’s first quarter. It brought in small revenue, according to a filing with the U.S. Securities and Exchange Commission.
Trump Media & Technology Group Corp. released its financial results for the fiscal quarter ending March 31. This marks the company’s first earnings report since it became publicly traded in March after completing a merger with Digital World Acquisition Corp.
The company reported generating just $770.5 million in advertising revenue in the first three months of this year, all of it coming from ads on products and services on Truth Social. During the same time period last year, the company brought in $1.1 million in advertising revenue.
Trump Media also suffered a loss of about $320 million, including $311.0 million “in non-cash expenses arising from the conversion of promissory notes, and the associated elimination of prior liabilities” prior to the completion of the merger on March 25, the company said in a press release discussing the earnings.
The company lost $210.3 million last year.
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