Joe.My.God. LGBT News
The Guardian reports:
Trump Media and Technology Group, the owner of Donald Trump’s social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company.
For the three-month period that ended 31 March, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World, which was essentially a pile of cash looking for a target to merge with.
Reuters reports:
TMTG had delayed its quarterly report last week after dismissing its auditor, BF Borgers, which the Securities and Exchange Commission charged with “massive fraud” earlier this month.
TMTG has been on a roller-coaster ride since going public. An army of Trump supporters and speculators snapped up its shares, sending them soaring as much as 59% in their Nasdaq debut on March 26, but the stock has since reversed those gains, leaving the company with a market value of almost $7 billion.
When you lose $327.6 million *in a quarter* on revenue of just $770,500 and have a magical, mystical market cap of $6.6 billion you must be Trump Media — owner of Truth Social. https://t.co/uyYfbgDuWm
— Tim O’Brien (@TimOBrien) May 20, 2024