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Shares of Trump Media fell more than 10% on Tuesday, a day after the Truth Social app owner reported a net loss of $327.6 million on just $770,500 in revenue in the first quarter of 2024.
Trump Media, whose majority shareholder is former President Donald Trump, revealed the loss in its first earnings report since its stock began public trading under the DJT ticker in March through a merger with a shell company.
The report attributed Trump Media’s loss to non-cash expenses, including “the conversion of promissory notes, and the associated elimination of prior liabilities,” that preceded its merger with Digital World Acquisition Corp.
Trump Media said that the bulk of its scant revenue came through its “nascent advertising initiative,” the report said.
“At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” it said.
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