Trump's Media And Technology Group Suffers Massive Loss

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Trump’s Media and Technology Group lost $300 million in quarter

  •  WORLD PRESS May 21, 2024


Former US President Donald Trump's media group faced a huge loss of up to $300 million in three months.

As per CNN report, the owner of Truth Social, in a press release on Monday, May 20, announced that Trump's Media and Technology Group had lost more than $300 million in the first quarter and generated very little revenue.

According to Trump Media (DJT), during the first three months, they lost $327.6 million, whereas a year earlier, the company lost $210,300.

Moreover, the company generated revenue of $770,500, making the second consecutive quarter where its total revenue is less than $1 million.

Trump Media, in a press release, said at this ‘early stage’ the company “Remains focused on long-term product development, rather than quarterly revenue.”

Matthew Kennedy, senior IPO market strategist at Renaissance Capital, told CNN, “If they’re not focused on revenue, public investors have very little to go on. What metrics can we look at? How can investors determine if the company is on the right track?”

He further added, “The company does not provide user metrics. It requires a lot of trust, and for now, shareholders seem to be willing to extend an enormous amount of trust. That can quickly change, as we saw in early April.”

However, Trump's media claimed that they have ‘sufficient’ cash to fund business for the foreseeable future.

Trump Media CEO Devin Nunes stated, “After an unprecedented, years-long process, we have consummated our merger and dispensed with the vast bulk of merger-related expenses, leaving the Company well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship,”

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