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Shares of Trump Media fell greater than 10% on Tuesday, a day after the Reality Social app proprietor reported a internet lack of $327.6 million on simply $770,500 in income within the first quarter of 2024.
Trump Media, whose majority shareholder is former President Donald Trump, revealed the loss in its first earnings report since its inventory started public buying and selling below the DJT ticker in March by way of a merger with a shell firm.
The report attributed Trump Media’s loss to non-cash bills, together with “the conversion of promissory notes, and the related elimination of prior liabilities,” that preceded its merger with Digital World Acquisition Corp.
Trump Media stated that the majority of its scant income got here by way of its “nascent promoting initiative,” the report stated.
“At this early stage within the Firm’s growth, TMTG stays targeted on long-term product growth, somewhat than quarterly income,” it stated.
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