Current:Home > NewsTruth Social reports $16M in Q2 losses, less than $1M in revenue; DJT stock falls 7% -TradeWise
Truth Social reports $16M in Q2 losses, less than $1M in revenue; DJT stock falls 7%
View
Date:2025-04-16 11:38:47
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! (6)
Related
- Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
- Woman wanted in triple killing investigation in Virginia taken into custody in upstate New York
- Book excerpt: Roctogenarians by Mo Rocca and Jonathan Greenberg
- Brian Baumgartner Has A Sizzlin' New BBQ Cookbook Just In Time For Summer (& It Includes a Chili Recipe)
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- I Swear by These Simple, Space-Saving Amazon Finds for the Kitchen and Bathroom -- and You Will, Too
- 'Piece by Piece' trailer tells Pharrell Williams' story in LEGO form: 'A new type of film'
- Ex-NJ attorney general testifies Sen. Bob Menendez confronted him twice over a pending criminal case
- Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
- Survivor Winner Michele Fitzgerald and The Challenge Alum Devin Walker Are Dating
Ranking
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- Middle school crossing guard charged with giving kids marijuana, vapes
- Sabrina Carpenter Kisses Boyfriend Barry Keoghan in Steamy Please Please Please Music Video
- How Boy Meets World’s Trina McGee Is Tuning Out the Negativity Amid Her Pregnancy at Age 54
- Senate begins final push to expand Social Security benefits for millions of people
- At D-Day ceremony, American veteran hugs Ukraine’s Zelenskyy and calls him a savior
- In aftermath of hit on Caitlin Clark, ill-informed WNBA fans creating real danger to players
- Horoscopes Today, June 6, 2024
Recommendation
Senate begins final push to expand Social Security benefits for millions of people
The prosecution is wrapping up in Hunter Biden’s gun trial. There are 2 more witnesses expected
Ex-NJ attorney general testifies Sen. Bob Menendez confronted him twice over a pending criminal case
North Carolina woman and her dad complete prison sentences for death of her Irish husband
Stamford Road collision sends motorcyclist flying; driver arrested
Geno Auriemma explains why Caitlin Clark was 'set up for failure' in the WNBA
Stock market today: Asian stocks are mixed ahead of key U.S. jobs data
The Daily Money: Last call for the Nvidia stock split