Look at the red ink at Trump Media
Trump Media & Technology Group, the parent company of MAGA-centric social media site Truth Social, is incinerating a remarkable amount of money.
The company lost $328 million in the first quarter, on revenue of just $771,000.
Keep in mind Trump Media’s shares are up a fairly insane 153% so far this year.
In its earnings statement, the company offered an alternative “adjusted” loss figure — which stripped out $311 million in non-cash expenses related to “the conversion of promissory notes, and the associated elimination of prior liabilities” ahead of its SPAC merger last year — of $12.1 million. Still not great.
Given the amount of money the company is losing, it raises the question of how much longer it can continue. Trump Media “believes it has sufficient working capital to fund operations for the foreseeable future,” the company said in its earnings statement. We’ll see.
In its earnings statement, the company offered an alternative “adjusted” loss figure — which stripped out $311 million in non-cash expenses related to “the conversion of promissory notes, and the associated elimination of prior liabilities” ahead of its SPAC merger last year — of $12.1 million. Still not great.
Given the amount of money the company is losing, it raises the question of how much longer it can continue. Trump Media “believes it has sufficient working capital to fund operations for the foreseeable future,” the company said in its earnings statement. We’ll see.
