Trump Media: Q1 Revenue of $770,500 and Net Loss of $327.6 Million
Posted: May 21, 2024
- Trump's social media company, Truth Social, reported Q1 revenue of $770,500 and a net loss of $327.6 million - Trump Media and Technology Group (TMTG) began trading on Nasdaq under the ticker symbol "DJT" after merging with Digital World Acquisition Corp. - TMTG is focused on long-term product development and aims to increase revenue through features, live TV streaming, and advertising initiatives - TMTG plans to launch a new live TV streaming platform for its app - Trump owns about 64.9% of the outstanding shares in TMTG - TMTG believes it has sufficient working capital for the foreseeable future but had a cash balance of $273.7 million as of March 31, 2024 - The company addressed concerns about the potential impact on revenues if Trump's reputation suffers or his followers lose interest - TMTG was formed after Trump was banned from multiple social media platforms and Trump continues to use Truth Social as his preferred platform.
Summarized top reddit comments: - Market cap of $6 billion with less revenue than a mom & pop coffee shop - Debt to revenue ratio of 425 - Speculation of money laundering or tax games - Pump and dump scheme with Trump supporters as bag holders - Criticism of $770K revenue and $327.6 million net loss - Questioning how $300 million was spent - Joking about Trump Media affording more porn star pay offs - Reference to "Art of the Deal" as "Fart of the Deal"
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