Current:Home > MyTruth Social reports $16M in Q2 losses, less than $1M in revenue; DJT stock falls 7% -InfinityFinance
Truth Social reports $16M in Q2 losses, less than $1M in revenue; DJT stock falls 7%
View
Date:2025-04-13 00:12:20
The parent company of Donald Trump's social media platform Truth Social reported more than $16 million in losses and less than $1 million in revenue in the second financial quarter.
In announcing its quarterly SEC filing Friday, Trump Media & Technology Group said its net losses largely consisted of $8.3 million in legal expenses for its March merger and $3.1 million from technology expenses related to the company's new streaming service.
The filing also shows the company only brought in $837,000 in revenue and $2.3 million in interest income in the second quarter of 2024.
"With the introduction of TV streaming in August 2024, the Company believes that it has laid the foundation for a core driver of long-term revenue and value," a Trump Media press release on the filing states. "With its strong balance sheet and zero debt load, the Company believes it has sufficient working capital to fund operations for the foreseeable future."
Trump Media, trading under the ticker DJT, has seen falling stock prices with since mid-July. Prices were down more than 7% Monday afternoon.
More:Trump falsely claims Harris used AI to generate visuals depicting large crowds
Trump Media (DJT) stock prices
Trump Media compared to a meme stock for volatility, overvaluation
Trump Media has long been compared to a meme stock, as experts say prices rise and fall largely due to retail investors' coordination and attention.
The company was founded in 2021 after Trump was booted from other social media companies following the Jan. 6 riot on the U.S. Capitol. The company went public in March through a merger with shell company Digital World Acquisition Corp., a special purpose acquisition company, or SPAC. Despite a splashy debut, the stock prices have whiplashed wildly, often in coordination with the rollercoaster of a news cycle for Trump this year.
Experts have also said the stock is overvalued by conventional Wall Street standards compared with other social media companies.
In May, Trump Media reported a net loss of $327.6 million in the first quarter of 2024 and brought in $770,500 in revenue, according to a filing. Regulatory filings show the company was operating at a loss in 2023, making about $4 million in revenue while losing more than $58 million.
"From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing," Trump Media CEO Devin Nunes in the Friday press release.
veryGood! (31)
Related
- Senate begins final push to expand Social Security benefits for millions of people
- Where is Diddy being held? New York jail that housed R. Kelly, Ghislaine Maxwell
- Who is Arch Manning? Texas names QB1 for Week 4 as Ewers recovers from injury
- Justin Theroux Reveals How He and Fiancée Nicole Brydon Bloom First Met
- How to watch new prequel series 'Dexter: Original Sin': Premiere date, cast, streaming
- Jeff Bezos pens Amazon review for Lauren Sánchez's book: How many stars did he rate it?
- 'I gotta see him go': Son of murdered South Carolina woman to attend execution
- Which 0-2 NFL teams still have hope? Ranking all nine by playoff viability
- Can Bill Belichick turn North Carolina into a winner? At 72, he's chasing one last high
- Chester Bennington's mom 'repelled' by Linkin Park performing with new singer
Ranking
- Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
- Mohamed Al-Fayed, late billionaire whose son died with Princess Diana, accused of rape
- Jeff Bezos pens Amazon review for Lauren Sánchez's book: How many stars did he rate it?
- Authorities were warned that gunman was planning to attack Yellowstone facility
- DeepSeek: Did a little known Chinese startup cause a 'Sputnik moment' for AI?
- Weeks after tragic shooting, Apalachee High reopens Monday for students
- Weeks after tragic shooting, Apalachee High reopens Monday for students
- Brewers give 20-year-old Jackson Chourio stroller of non-alcoholic beer for clinch party
Recommendation
How to watch new prequel series 'Dexter: Original Sin': Premiere date, cast, streaming
The cause of a fire that injured 2 people at a Louisiana chemical plant remains under investigation
The cause of a fire that injured 2 people at a Louisiana chemical plant remains under investigation
Jets' Aaron Rodgers, Robert Saleh explain awkward interaction after TD vs. Patriots
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
Sarah Michelle Gellar Shares Rare Video of Her and Freddie Prinze Jr.'s Daughter Charlotte
A’ja Wilson set records. So did Caitlin Clark and Angel Reese. WNBA stats in 2024 were eye-popping
Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Letterboxd Films