This photo illustration shows an image of former President Donald Trump reflected on a phone screen displaying the Truth Social app in Washington on Feb. 21, 2022.
Stephanie Reynolds | AFP | Good pictures
Trump Media & Technology Group, the parent company of Donald Trump’s Truth social platform, posted a net loss of $327.6 million in the first quarter of the year, on total revenue of $770,500, according to it. revenue The report was filed with the Securities and Exchange Commission on Monday.
The report is one of the first measures of the company’s actual financial health since it went public on the Nasdaq stock market in March after merging with shell company Digital World Acquisition Corp.
DJT shares were relatively flat in after-market trade, following the release of the earnings report, which had not been widely publicized previously. The market closed down 5%, with the stock price at $48.
Since going public, DJT stock has seen what experts say has been a monumental stock trajectory, sometimes rising or falling dramatically, swinging by any significant news.
TMTG CEO Devin Nunes said in a statement Monday that the company is “exploring a variety of initiatives and innovations to build a truly social platform.”
“We are very excited to move forward with live TV streaming by building our own content distribution network, which we believe will be a major enhancement to the platform,” Nunes added.
In April, the company announced that it would launch the Truth Social TV streaming platform in three phases, first on Android, iOS and the web. The second will come out as stand-alone apps for phones, tablets and other devices. The last phase will be launched for home television.
In its Q1 report, TMTG has signed agreements with its first data center partner, a hardware vendor to provide a TV platform and equipment.
The company told the SEC last week it was delaying its quarterly filing after the company accused its former auditor, BF Borgers CPA, of “massive fraud” involving hundreds of companies, raising red flags about the accuracy of financial information. Audited.
