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Trump Media reports $16.4 million quarterly loss [View all]
Trump Media reports $16.4 million quarterly loss
Donald Trump’s company, which operates Truth Social, said it earned $837,000 in quarterly revenue.
By Eva Dou
August 9, 2024 at 6:41 p.m. EDT
Former president Donald Trump’s social media company Trump Media reported a $16.4 million loss and less than $1 million of quarterly revenue, showing that the business’s financials remain tentative following a public debut earlier this year.
Trump Media and Technology Group, which owns the social media platform Truth Social, said Friday the company earned $837,000 in revenue for the second quarter, while shelling out millions of dollars of legal expenses associated with its stock market listing.
Trump has relied heavily on Truth Social in his presidential campaign, where he posts frequently to his 7.5 million followers. He began using the platform after his Twitter account was suspended in 2021.
The poor financial results, laid out in a filing to the Securities and Exchange Commission, don’t come as a surprise. In April, Trump Media said it lost more than $58 million last year, sending its stock plunging more than 21 percent in one day. The company flagged then that more losses might be ahead as it sought to expand its user base.
{snip}
By Eva Dou
Eva Dou is a Washington-based reporter covering technology policy for the Washington Post. A Detroit native who studied journalism at the University of Missouri, she reported on business and politics in Asia for a decade. She is the author of the forthcoming book House of Huawei: The Secret History of China's Most Powerful Company. Twitter
Donald Trump’s company, which operates Truth Social, said it earned $837,000 in quarterly revenue.
By Eva Dou
August 9, 2024 at 6:41 p.m. EDT
Former president Donald Trump’s social media company Trump Media reported a $16.4 million loss and less than $1 million of quarterly revenue, showing that the business’s financials remain tentative following a public debut earlier this year.
Trump Media and Technology Group, which owns the social media platform Truth Social, said Friday the company earned $837,000 in revenue for the second quarter, while shelling out millions of dollars of legal expenses associated with its stock market listing.
Trump has relied heavily on Truth Social in his presidential campaign, where he posts frequently to his 7.5 million followers. He began using the platform after his Twitter account was suspended in 2021.
The poor financial results, laid out in a filing to the Securities and Exchange Commission, don’t come as a surprise. In April, Trump Media said it lost more than $58 million last year, sending its stock plunging more than 21 percent in one day. The company flagged then that more losses might be ahead as it sought to expand its user base.
{snip}
By Eva Dou
Eva Dou is a Washington-based reporter covering technology policy for the Washington Post. A Detroit native who studied journalism at the University of Missouri, she reported on business and politics in Asia for a decade. She is the author of the forthcoming book House of Huawei: The Secret History of China's Most Powerful Company. Twitter
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