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.
Updated:FILE - The Truth Social account for former President Donald Trump is seen on a mobile device, March 20, 2024, in New York. 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.
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