Trump Media and Technology Group posts more than $300 million net loss in first public quarter

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 in the first quarter, largely from its “nascent advertising initiative.” That was down from $1.1 million a year earlier.

“At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” Trump Media said in its earnings news release.

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