Trump's Truth Social posts Q2 loss, lower revenue

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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

SARASOTA, Fla. — 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, 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 $3.1 million of technology consulting and software licensing expenses, mainly related to its software licensing agreement to power its new TV streaming service called Truth+.

Revenue was $836,900, down 30% from $1.2 million a year earlier.

Truth Social said it has zero debt and “believes it has sufficient working capital to fund operations for the foreseeable future.”

Shares climbed 18 cents to $26.39 in after-hours trading Friday.



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Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

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