Truth Social Posts $328M Loss for 1st Quarter
Originally posted by Adam_PoE
Shares of Donald Trump's social media company plunged more than 23% on Monday, wiping out the gains from its debut last week, after disclosing millions in losses, and saying it would struggle to meet its financial liabilities going forward.Trump Media & Technology Group lost more than $58 million in 2023, the company said in a filing, sending shares reeling less than a week after the Truth Social parent went public through a high-profile blank-check merger.
Trump's net worth also fell by more than $1 billion on Monday, as shares of his social media company plunged.
Trump Media and Technology Group, the owner of Donald Trump's social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended March 31st, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World, which was essentially a pile of cash looking for a target to merge with.
Trump Media and Technology Group had delayed its quarterly report last week after dismissing its auditor, BF Borgers, which the Securities and Exchange Commission charged with "massive fraud" earlier this month.