Trump Media reports $16 million loss for quarter as revenue falls

• Trump Media, the social media company whose majority shareholder is former President Donald Trump, reported a net loss of more than $16 million for the most recent financial quarter.
• Trump Media, which owns the Truth Social app often used by the former president, also reported revenue of just $836,900 for the quarter ending June 30, a 30% drop from the same period in 2023.
• The Republican presidential nominee Trump and his running mate Sen. JD Vance will face the Democratic nominee, Vice President Kamala Harris, and Minnesota Gov. Tim Walz in November's election.

Trump Media, the social media company whose majority shareholder is former President Donald Trump, on Friday reported a net loss of more than $16 million for the most recent financial quarter, as its already meager revenue fell 30% to just $836,900.

Trump Media owns the Truth Social app, which is often used by the former president.

The stock price of Trump Media, which trades under the DJT ticker, has fallen sharply from a high of more than $71 per share shortly after began publicly trading in late March following a merger with a so-called special purpose acquisition corporation.

Trump Media stock closed at $26.21 per share Friday afternoon, a decrease of .49%.

The company has a market capitalization of nearly $5 billion, an extraordinarily high valuation given its very modest sales.

In a 10-Q filing Friday afternoon, Trump Media reported a loss of $16.37 million for the second quarter ending June 30, compared to a $22.8 million loss for the second quarter in 2023.

About half of the loss for the past quarter was due to legal expenses related to Trump Media's merger with Digital World Acquisition Corp., the company said.

"Additionally, the Company incurred $3.1