All posts tagged "Trump Media"

Donald Trump's company, Trump Media — owner of the social media app Truth Social — reported losing $16 million as revenue plummeted 30% from the same period last year, CNBC reported Friday.

The stock price for the social media company, whose namesake, Trump, is the majority shareholder, fell from more than $71 per share in March to a meager $26 on Friday afternoon, according to the report.

Trump Media's reported loss comes after it reported a $22.8 million loss for the same period last year. About half of the loss for the most recent quarter was due to legal fees stemming from Trump Media’s merger with Digital World Acquisition Corp., the company said....

UPDATE: This story has been edited to reflect the Hollywood Reporter's update of its figures to "more accurately reflect TMTG’s net losses as disclosed on its balance sheet." While news outlets such as Reuters and CNBC report the loss to be $73 million, the updated amount from the Hollywood Reporter stands at $31.5 million. [Nov. 14, 2023, 3:56 p.m.]

Truth Social has lost tens of millions of dollars since former President Donald Trump launched his ultra-conservative social media site less than two years ago, according to a new report.

The outward cashflow was revealed Monday in a financial disclosure from Trump Media & Technology Group partner Digital World Acquisition Corp., according to The Hollywood Reporter. ...