Friday, August 9, 2024
Trump Media and Technology Group posted a $16.4M net loss on Q2 revenues of $837K. Revenues were off 29.7 percent from the year-ago period.
TMTG, which owns the Truth Social platform, points out that about half the Q2 loss ($8.3M) was due to legal costs associated with its merger with Digital World Acquisition Corp, completed in March 2024.
The company, which has no debt and $344m in cash, believes it has sufficient working capital to fund operations for the foreseeable future.
CEO and former California Republican Congressman Devin Nunes said TMTG continues “to explore numerous other possibilities for growth, including mergers and acquisitions.”
For the H1 period, the company reports revenue of $1.6M and a net loss of $344M.