Trump Media stock falls after posting quarterly loss

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Trump Media stock falls after posting quarterly loss

Aytac Unal/ | Anadolu | Getty Images

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

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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.

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Trump Media said that the bulk of its scant revenue came through its “nascent advertising initiative.”

“At this early stage in the Company’s development, TMTG ******** focused on long-term product development, rather than quarterly revenue,” its said in the earnings report.

The company’s share price has whipsawed since it began trading publicly in late March. After scraping a high of more than $79 per share in its debut, the stock suffered a weekslong slide that erased the majority of its gains.

In recent weeks, however, the share price has partially recovered, and as of Tuesday morning hovered around $44.

Despite the company’s lack of revenue, it currently boasts a market capitalization of roughly $6 billion.

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