This photo illustration shows an image of former President Donald Trump on a mobile phone screen displaying the Truth Social app, February 21, 2022, in Washington, DC.
Stefani Reynolds | AFP | Getty Images
Trump Media & Technology Group, the parent company of Donald Trump’s truth social platform, reported a net loss of $327.6 million in the first quarter of this year on total revenue of $770,500. revealed. income A report filed with the Securities and Exchange Commission on Monday.
The report is the first measure of the company’s true financial health since it completed its merger with shell company Digital World Acquisition Corporation and went public on the Nasdaq stock market in March. There is one.
DJT shares were relatively flat in post-market trading following the company’s previously little-publicized earnings report, with shares down 5% to $48 at the close.
Since going public, DJT stock has fluctuated wildly, following what experts call a meme stock, sometimes rising and falling dramatically without any significant news to explain the fluctuations.
TMTG CEO Devin Nunez said in a statement Monday that the company is considering “a wide range of initiatives and innovations to build out the Truth Social platform, including potential merger and acquisition activity.” Stated.
“We are particularly excited to advance live TV streaming by developing our own content distribution network, which we believe will be a significant enhancement to our platform,” Nunes added.
In April, the company announced that Truth Social would launch its TV streaming platform in three phases, with the first phase launching for Android, iOS, and Web. The second is deployed as a standalone app for phones, tablets, and other devices. The final phase will be launched for home televisions.
Trump Media said in its first-quarter report that it has signed deals with its first data center partner to host its television platform and a hardware vendor to provide equipment.
Last week, the company announced a quarterly quarter after its former auditor, B.F. Borgers, CPA, was accused of “massive fraud” involving hundreds of companies, raising red flags about the accuracy of financial information published by the company. told the SEC that it would delay its filing. I was auditing.