NEW YORK — The parent company of Donald Trump's social networking site Truth Social lost $19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency.
Trump Media gains post-election, even as Truth Social parent reports $19 million quarterly loss
The parent company of Donald Trump's social networking site Truth Social lost $19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency.
By The Associated Press
November 6, 2024 at 5:50PM
Trump Media and Technology Group reported late Tuesday that much of that loss stemmed from more than $12 million in legal fees, along with a decline in revenue, according to the surprise Election Day earnings report. Its stock price surged Wednesday but that was more likely due to Trump's defeat of Vice President Kamala Harris to retake the presidency than on its profit prospects.
Trump created the company after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot.
Revenue for the three-month period that ended on September 30 was just over $1 million, down nearly 6% from a year earlier. Trump Media, based in Sarasota, Florida, has lost more than $363 million so far this year.
Trump Media said some of its costs related to the launch of its new TV streaming service called Truth+.
CEO and former Republican U.S. Rep. Devin Nunes said in a statement the company ''continues to explore additional possibilities for growth'' such as mergers with other companies that ''would benefit from Trump Media technology and branding.''
The company said in a regulatory finding that its success depends in part on ''the reputation and popularity of President Donald J. Trump.''
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The Associated PressShares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump's return to the White House.
