The parent company of Donald Trump's Truth Social website has revealed losing $327.6 million in the first quarter of 2024 after raking in less than $771,000 in revenue.
The earnings report, filed with the Securities and Exchange Commission on Monday, comes after Trump Media & Technology's debut as a public company on the Nasdaq stock exchange in March, NBC reported.
According to the report, the company is on a downward trajectory, making less money in the first quarter of this year than it did in the same time period in 2023. It is now “nowhere close to profitable,” Axios reported.
Since going public, the company's stock has enjoyed "meme" status, with stark rises and falls. As of 11:00 a.m. Eastern Time, it was priced at just over $44 per share, a nearly 9 percent drop from the market close on Monday. It's total value remains over $6 billion, NBC reported.
CEO Devin Nunes said in a statement Monday that the company is exploring “a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities.”
Truth Social has struggled to carve out a niche in a competitive social media landscape, with X, formerly known as Twitter, capturing much of its prospective user base under the management of Elon Musk.
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