Trump’s Truth Social media company posts $327m first-quarter loss

Trump Media and Technology Group, which owns the social networking site Truth Social, reported a substantial loss of $327.6 million in the first quarter, with $311 million attributed to non-cash expenses from a merger with Digital World. Despite this, the company's revenue declined from $1.1 million the previous year to $770,500, focusing on long-term development over immediate revenue gains. The company also faced challenges with its auditors, changing them multiple times due to various issues, but its stock price saw a slight increase in after-hours trading.

Trump Media reported a loss of $327.6 million for the first quarter, out of which $311 million was attributed to non-cash expenses related to its merger with Digital World Acquisition Corp. This information was disclosed in the company's first earnings report as a publicly traded company. The merger with Digital World, a special purpose acquisition company (SPAC), was a strategy that gave the young company a quicker and easier route to getting its shares trading publicly. Despite the significant loss, the company's CEO, Devin Nunes, reassured that the company was "well-capitalized" and had "sufficient working capital to fund operations for the foreseeable future."