The financial problems plaguing former President Donald Trump's media company and social platform appear not to be getting any better, according to a new analysis.
The Daily Beast reported Monday that Trump Media, the publicly traded parent company of Trump Social, reported a net loss of nearly $330 million in the first three months of 2024.
"Trump Media...reported $770,500 in revenue—crediting its “nascent advertising initiative”—down from $1.1 million last year," the report states. "However, it also reported a net loss of $327.6 million during the first three months of the year, as compared with a loss of $210,300 a year ago."
Trump Media has been struggling ever since it went public through a merger with the "blank check" firm Digital World Acquisition Corp., the report notes.
"The social media company is grudgingly reporting its dire performance so far this year," according to the Daily Beast.
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Shares initially traded over $65, but plunged to less than half that value before slightly rallying to just under $50 — still far short of the original market capitalization, multiple reports show.
In a statement, CEO Devin Nunes, who previously served as a Trump ally in Congress, "pointed $311 million in non-cash expenses to 'merger-related expenses' linked to a company called Digital World Acquisition Corp. earlier this year," according to the Daily Beast.
"Promising that it had 'sufficient working capital to fund operations for the foreseeable future,' Trump Media reported cash and cash equivalents of $273.7 million at the end of the quarter. It said it was still in an 'early stage' of its development, and that it remained 'focused on long-term product development,' including a live streaming platform to be launched through Truth Social, 'rather than quarterly revenue.'"
This also comes as the company that previously audited Trump Media, Colorado-based BF Borgers, has been charged with fraud by the Securities and Exchange Commission, prompting the company to drop them. The company's quarterly earnings report had been delayed due to the issues surrounding that dismissal.
