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Parent company of Trump's Truth Social posts $328 mln loss

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Trump Media and Technology Group, which owns former US president Donald Trump's social media platform Truth Social, lost more than $300 million in the first quarter of 2024, it said Monday.

Former US president Donald Trump saw the value of the parent company behind his Truth Social media platform drop after it began trading publicly. Photo: Alex Wroblewski / AFP/File

TMTG, which recently went public, posted a net loss of $327.6 million from January to March, compared with $210,300 in net losses for the same period last year, according to a company statement. TMTG began publicly trading on the Nasdaq on March 26, meaning the Republican White House candidate's media group is now obligated to publish quarterly results.stay informed and follow us on Google News!

According to TMTG, the vast majority of the quarterly losses were related to $311 million in non-cash expenses -- including the elimination of prior liabilities -- which occurred prior to the merger with Digital World.

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