Trump's Truth Social posts Q2 loss, lower revenue
![The Truth Social account for former President Donald Trump is...](/_next/image?url=https%3A%2F%2Fcdn.newsday.com%2Fimage-service%2Fversion%2Fc%3AZTU0NTdhMDMtNDI3MC00%3AMDMtNDI3MC00NGRlOTc0%2Ftrump-media-results.jpeg%3Ff%3DLandscape%2B16%253A9%26w%3D770%26q%3D1&w=1920&q=80)
The Truth Social account for former President Donald Trump is seen on a mobile device, March 20, 2024, in New York. Credit: AP/John Minchillo
SARASOTA, Fla. — Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $16 million last quarter, along with a decline in revenue, according to its earnings report Friday.
For the three-month period that ended June 30, the company posted a loss of $16.4 million, about half of which was legal expenses related to its merger with a company called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with. It’s an example of what’s called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly.
Trump Media said it also incurred $3.1 million of technology consulting and software licensing expenses, mainly related to its software licensing agreement to power its new TV streaming service called Truth+.
Revenue was $836,900, down 30% from $1.2 million a year earlier.
Truth Social said it has zero debt and “believes it has sufficient working capital to fund operations for the foreseeable future.”
Shares climbed 18 cents to $26.39 in after-hours trading Friday.
Presidential debate recap ... Hofstra watch party ... Remembering 9/11 ... Cuomo COVID hearing
Presidential debate recap ... Hofstra watch party ... Remembering 9/11 ... Cuomo COVID hearing