FILE - The download screen for Truth Social app is seen on a laptop computer, March 20, 2024, in New York. Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company Monday, May 20. For the three-month period that ended March 31, the company posted a loss of $327.
“At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” Trump Media said in itsRooting for Trump to fail has made his stock shorters millionsThe former president’s media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of the quarterly earnings report, according to a securities filings.
Trump Media had previously cycled through at least two other auditors — one that resigned in July 2023, and another that was terminated its the board in March, just as it was re-hiring BF Borgers. Shares of Trump Media climbed 36 cents to $48.74 in after-hours trading. The stock, which trades under the ticker symbol “DJT,” began trading on Nasdaq in March and peaked at nearly $80 in late March.
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