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The loss for the three months ended March amounted to a net loss per share attributable to common stockholders of $3.61, according to the company’s financial report.
The report attributes Trump Media’s losses to non-cash expenses, including the “conversion of promissory notes and the associated elimination of past debt” prior to its merger with Digital World Acquisition Corporation. It is said that
Trump Media said most of its meager revenue came from “early advertising initiatives.”
“At this early stage of the company’s development, TMTG remains focused on long-term product development rather than quarterly revenue,” it said in the earnings report.
The company’s stock price has soared since it began public trading in late March. After hitting a high of more than $79 per share when it first went public, the stock price fell for a week, wiping out most of the gains.
But the stock has made a partial recovery in recent weeks, hovering around $44 as of Tuesday morning.
The company currently has a market capitalization of about $6 billion, despite not having much revenue.
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