Trump Media lost more than $300 million last quarter

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 Digital World Acquisition Corp.

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, as per 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 firm called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with. It is an example of what is called a special purpose acquisition company, or SPAC, which can give young firms quicker and easier routes to getting their shares trading publicly.

A year earlier, Trump Media posted a loss of $210,300.

Trump Media said it 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 firm’s development, TMTG remains focused on long-term product development, instead of quarterly revenue, Trump Media said in its earnings news release.

Earlier this month, the firm fired an auditor that federal regulators recently charged with “massive fraud.” The former president’s media firm dismissed BF Borgers as its independent public accounting company on May 3, delaying the filing of the quarterly earnings report, as per securities filings.

Trump Media had earlier cycled through at least two other auditors — one that resigned in July 2023, and another that was terminated in March, just as it was re-hiring BF Borgers.