The Truth Social app has faced a net loss of $327.6 million on just $770,500 of revenue in the very first quarter of 2024 and a day after that Trump Media also faced downfall of more than 10% on Tuesday. This information is released by former President Donald Trump who is a majority share holder in Trump Media in his first earnings reports. This loss is according to that in March when its stock began public trading under the DJT ticker with the help of merger with a shell company.
According to the report, Trump Media faced a loss of non-cash expenses including, the conversion of promissory notes and the associated elimination of prior liabilities. Trump Media also revealed that majority of their scant revenue come through its nascent advertising initiative. In their earning reports, they said, “At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue.”
After March, company’s share price has been facing loss and after scarping a high of more than $79 per share in its starting, the stock rated suffered a constant erase of majority of its gains. Despite facing loss, the company’s revenue currently boasts a market capitalization of roughly $6 billion.