Trump\u00a0Media\u00a0& Technology Group, the parent company of Donald Trump\u2019s\u00a0Truth Social\u00a0platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its\u00a0earnings\u00a0report, filed Monday with the Securities and Exchange Commission.<\/p>\n
The report is one of the first measures of company\u2019s true financial health since it debuted as a public company on the\u00a0Nasdaq\u00a0stock exchange in March, after completing a merger with a shell company, Digital World Acquisition Corp.<\/p>\n
DJT shares were relatively flat in post-market trading following the release of the earnings report, which had not been highly publicized prior. The stock was down 5% at market close, with a share price of $48, giving it a total value of about $6.6 billion.<\/p>\n
Since going public, the\u00a0DJT\u00a0stock has whipsawed on what experts say is a meme stock trajectory, sometimes rising or falling dramatically, without any significant news to account for the swing.<\/p>\n
TMTG CEO\u00a0Devin Nunes\u00a0said that the company is exploring \u201ca wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities\u201d in a statement on Monday.<\/p>\n
\u201cWe are particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform,\u201d Nunes added.<\/p>\n
In April, the company announced that Truth Social would launch a\u00a0TV streaming platform\u00a0in three phases, the first for Android, iOS, and Web. The second would roll out as stand-alone apps for phones, tablets and other devices. The last phase would launch for home television.<\/p>\n
In its Q1 report, TMTG said it has signed contracts with its first data center partner, which would host the TV platform, and a hardware vendor to provide equipment.<\/p>\n
The company told the SEC last week that it would delay its quarterly filing, after the agency charged its former auditor,\u00a0BF Borgers\u00a0CPA, with \u201cmassive fraud\u201d of hundreds of companies, raising red flags about the accuracy of the financial information that the firm had audited.<\/p>\n<\/p>\n
Trump\u00a0Media\u00a0& Technology Group, the parent company of Donald Trump\u2019s\u00a0Truth Social\u00a0platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its\u00a0earnings\u00a0report, filed Monday with the Securities and Exchange Commission. The report is one of the first measures of company\u2019s true financial health since it […]<\/p>\n","protected":false},"author":0,"featured_media":4692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/4691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=4691"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/4691\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/4692"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=4691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=4691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=4691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}