Trump Media, whose majority shareholder is former President Donald Trump, operates the social media app Truth Social and trades under the DJT stock ticker.
Shares of Trump Media fell after the company reported a net loss of $327.6 million on just $770,500 in revenue in the first quarter of 2024.The report attributed Trump Media's loss to non-cash expenses, including "the conversion of promissory notes, and the associated elimination of prior liabilities," that preceded its merger with Digital World Acquisition Corp.
The company's share price has whipsawed since it began trading publicly in late March. After scraping a high of more than $79 per share in its debut, the stock suffered a weekslong slide that erased the majority of its gains. In recent weeks, however, the share price has partially recovered, and as of Tuesday morning hovered around $44.
Despite the company's lack of revenue, it currently boasts a market capitalization of roughly $6 billion.
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