Bussiness
Trump Media lost $327 million last quarter. It’s still valued at more than $6 billion.
The parent company of Truth Social, former President Donald Trump’s social media company, lost $327.6 million in the first quarter, per its Monday earnings report.
Trump Media & Technology Group went public via SPAC at the end of March after it merged with Nasdaq-listed Digital World Acquisition Corp. The bulk of its first-quarter losses — $311 million — were related to the merger, per the SEC filing.
Truth Social earned $770,500 in revenue from advertising, according to the earnings report, which is down from $1.1 million the same time last year.
TMTG, which is listed as DJT, was trading at about $48 after hours and has a market cap of over $6 billion.
On Monday, TMTG also said in a filing that it was subject to an inquiry from the Financial Industry Regulatory Authority, a self-regulatory organization. It was related to trading before the announcement of the SPAC merger, TMTG said.
The company did not immediately respond to a request for comment from Business Insider.
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