SARASOTA, Fla. (AP) — Trump Media and Technology Group, the owner of former President Donald Trump's social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company. Read this article for free: Already have an account? To continue reading, please subscribe: * SARASOTA, Fla.
(AP) — Trump Media and Technology Group, the owner of former President Donald Trump's social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company. Read unlimited articles for free today: Already have an account? SARASOTA, Fla. (AP) — Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with.
It’s an example of what’s called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly. A year earlier, Trump Media posted a loss of $210,300. Trump Media said collected $770,500 in revenue .
