The parent company of U.S. President Donald Trump's Truth Social network reported a net loss of over $405 million in the first quarter of this year, marking another sign of trouble for the media conglomerate following a change of CEO last month, reports The Independent, according to UNN.
Details
According to financial results, Trump Media and Technology Group's net revenue in the first quarter amounted to just over $871,000.
The company, whose operations span Truth Social, digital assets, and future access to prediction markets, attributed the losses to "unrealized losses on digital assets, pledged digital assets and equities ($368.7 million), accrued interest ($11.5 million), and stock-based compensation ($11.8 million)."
In a press release, the company presented metrics such as total assets of $2.2 billion and a positive operating cash flow for the fourth consecutive quarter.
As of Friday evening, TMTG shares were valued at just under $9, down since the beginning of the year and having fallen more than tenfold since reaching a record high in 2022.
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