Trump Media Reports 30% Revenue Drop

Trump Media & Technology Group, the owner of Truth Social, reported a significant net loss of $16.4 million and a 30% revenue decline to $836,900 for the second quarter of 2024. The losses were partly attributed to legal fees from the merger with Digital World Acquisition Corp. and other operational costs. Despite the company's valuation at around $4.6 billion, its stock has been highly volatile, losing half its value since mid-May. Former President Donald Trump's return to the social media platform X, owned by Elon Musk, raised doubts about his commitment to Truth Social, potentially harming investor confidence. CEO Devin Nunes highlighted the company's growth efforts, including the launch of the Truth+ streaming service, but challenges remain in achieving profitability.