Trump Media Reports $16.4 Million Loss

Trump Media and Technology Group (TMTG), owned by former President Donald Trump, reported a significant loss of $16.4 million in the second quarter of 2024, alongside a 30% decline in revenue to $836,900 compared to the previous year. Half of the losses stemmed from legal fees associated with its merger with Digital World Acquisition Corp., a special purpose acquisition company (SPAC). The company also incurred $3.1 million in expenses related to technology consulting and its recently launched streaming service, Truth+. Despite its financial struggles, TMTG maintains a cash balance of $344 million with no debt, which it believes will support future operations. The stock price for Trump Media has been volatile, closing at $26.21, down from its initial trading debut of $66.22 earlier this year. CEO Devin Nunes asserts that Truth Social aims to be a stronghold for free speech while minimizing reliance on Big Tech.