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Trump Media Company suffers a loss of $712 million due to Bitcoin investment failure
Techub News reports, according to CoinDesk, that Trump Media & Technology Group (TMTG), the parent company of Truth Social, reported a net loss of over $327 million in the first quarter of 2024, with most of the loss stemming from non-cash expenses related to its merger with Digital World Acquisition Corp. The company disclosed in a regulatory filing that its revenue was only $771,000, far below its operating losses. TMTG’s stock price fell more than 6% in after-hours trading. The company emphasized that its financial situation reflects its status as an early-stage high-growth company and noted it has over $200 million in cash and no long-term debt. TMTG’s listing was completed through a merger with special purpose acquisition company Digital World Acquisition Corp., which was approved in March of this year.