Trump Media & Technology, parent of Truth Social, reported another quarterly loss while revenue once again failed to hit $1 million. DJT stock fell sharply Tuesday.
Majority owned by former President Donald Trump, Trump Media reported an adjusted EBITDA loss of $12.1 million, with just over half of that one-time payments related to the closing of its SPAC merger with Digital World Acquisition Corp.
Revenue was just $770,500, the second straight quarter below $1 million.
Trump Media reported a GAAP loss of $327.6 million. That was largely due to $311 million in non-cash expenses from converting promissory notes and eliminating previous liabilities.
The company believes it has "sufficient working capital to fund operations for the foreseeable future."
Donald Trump Stock
Trump Media stock sank plunged 8.9% to 44.19 on Tuesday, but found support around the 50-day line. Shares fell 5% to 48.38, its fourth straight decline. DJT stock hit 79.38 in late March, following its post-SPAC debut. The Donald Trump stock quickly tumbled to 22.55 by April 16 before rebounding somewhat.
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