Trump Media and Technology Group, the owner of Donald Trump’s social networking site Truth Social, lost more than $300m last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended 31 March, the company posted a loss of $327.6m, which it said included $311m in non-cash expenses related to its merger with a company called Digital World, which was essentially a pile of cash looking for a target to merge with.
It’s an example of a special purpose acquisition company, or Spac, which can give young companies quicker and easier routes to getting their shares trading publicly.
A year earlier, Trump Media posted a loss of $210,300.
Shares of Trump Media climbed 36 cents to $48.74 in after-hours trading. The stock, which trades under the ticker symbol “DJT”, began trading on Nasdaq in March and peaked at nearly $80 in late March.
Best in Moderation
Article URL : https://www.theguardian.com/us-news/article/2024/may/20/trump-truth-social-loss