This photo illustration shows a picture of former President Donald Trump reflected on a phone screen displaying the Truth Social app on February 21, 2022 in Washington, DC.
Stefani Reynolds | AFP | Getty Images
Trump Media & Technology Group, the parent company of Donald Trump’s platform Truth Social, reported a net lack of $327.6 million on total revenue of $770,500 in the primary quarter of the yr Merits Report filed Monday with the Securities and Exchange Commission.
The report is one in every of the primary indicators of the corporate’s true financial health because it debuted as a publicly traded company on the Nasdaq stock exchange in March after completing a merger with a shell company, Digital World Acquisition Corp.
DJT shares were relatively flat in after-hours trading following the discharge of its earnings report, which had previously been largely unannounced. The shares lost 5% on the close of trading and were trading at $48.
Since going public, DJT stock has been hovering on what experts call the “meme stock price.” Sometimes it rises, sometimes it falls dramatically, without there being any significant news to clarify these fluctuations.
TMTG CEO Devin Nunes said in a press release Monday that the corporate is “exploring a wide range of initiatives and innovations to grow the Truth Social platform, including possible mergers and acquisitions.”
“We are particularly excited to advance live TV streaming with the development of our own content delivery network, as we believe this will be a significant expansion of the platform,” added Nunes.
In April, the corporate announced that Truth Social would launch a TV streaming platform in three phases, initially for Android, iOS and web. The second can be launched as a standalone app for phones, tablets and other devices. The final phase would start for home television.
In its first-quarter report, Trump Media said it had signed deals with its first data center partner, which might host the TV platform, and a hardware provider, which would supply the equipment.
The company told the SEC last week that it might delay its quarterly filings after the agency accused its former auditor, BF Borgers CPA, of “massive fraud” on a whole bunch of firms, raising doubts concerning the accuracy of economic information audited by the firm allowed to emerge.
