Trump Media & Technology Group, the parent company of Truth Social, reported over $16 million in losses and less than $1 million in revenue for the second quarter of 2024. The significant losses included $8.3 million in legal expenses related to its March merger and $3.1 million in technology expenses for its new streaming service.
The company’s revenue for the quarter was only $837,000, with an additional $2.3 million in interest income. Despite the financial challenges, Trump Media expressed optimism, citing its zero debt load and sufficient working capital, along with the launch of its streaming service in August 2024 as a foundation for long-term revenue growth.
Trump Media, trading under the ticker DJT, has experienced falling stock prices, down more than 7% on Monday. The company, often compared to a meme stock, has seen its stock prices fluctuate with the news cycle surrounding former President Trump.
Founded in 2021 after Trump was banned from major social media platforms, Trump Media went public through a merger with Digital World Acquisition Corp. Despite an initial splash, the company has faced financial instability, including a $327.6 million net loss reported in the first quarter of 2024.
