Trump Media & Technology Group reported a net loss of $19.2 million for the third quarter, primarily driven by legal fees and costs associated with its TV streaming technology acquisition. The company disclosed that $12.1 million of this loss came from legal expenses linked to the streaming deal and residual fees related to its special purpose acquisition company (SPAC) deal. Additionally, $3.9 million was spent on research and development.
Despite the loss, shares of Trump Media saw a slight recovery, trading about 2% higher in extended trading. This financial report comes as former President Donald Trump prepares for the final stretch of the US presidential election, where he is running neck and neck with Vice President Kamala Harris. The stock of Trump Media, which operates the Truth Social platform, has experienced significant volatility recently, reflecting broader market sentiment about Trump’s political prospects.
For the quarter ending in September, Trump Media generated $1 million in revenue and reported cash and equivalents of $672.9 million, with no debt.
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