Trump Media posted a loss of $327.6 million in the first quarter because of a financial transaction.
Trump Media & Technology Group, a startup majority-owned by former President Donald Trump that is valued at nearly $7 billion after going public in March, said it booked $770,500 in revenue during the first quarter, down from $1.1 million during the year-ago period. The company, whose main asset is the social media network Truth Social, also reported losing $327.
The volatility in its share price has prompted some analysts to compare Trump Media with meme stocks — companies that trade on social media buzz rather than traditional financial yardsticks such as profitability and revenue growth. The decline in first-quarter revenue could prompt questions about Trump Media's strategy and Truth Media's ability to appeal to a broad group of users and advertisers.
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