The former president owns 57.3% of TMTG, which merged with shell company Digital World Acquisition at the end of March.
The Trump Media and Technology Group (TMTG), which owns former US President Donald Trump’s social network Truth Social, lost more than $300 million in the first quarter of 2024. This was reported by the AFP news agency.
TMTG had a net loss of $327.6 million from January to March. compared to 210 thousand dollars. net loss for the same period last year, the company said in a statement. TMTG only received 770.5 thousand dollars. from sales.
Trump owns 57.3% of TMTG, which was merged into a shell company known as Digital World Acquisition in late March. These targeted mergers are often used to allow a young company to quickly take its shares public.
The majority of the quarter’s loss was due to non-cash charges of $311 million, including the extinguishment of prior liabilities that occurred prior to the Digital World merger.
TMTG’s share price fell more than 70% shortly after its Wall Street debut before rebounding since mid-April. The drop reduced Trump’s financial assets by several billion dollars.
It can be recalled that last year, the Supreme Court of Colorado barred Trump from running for president because of his role in the attack on the Capitol on January 6, 2021. The decision is unprecedented and may prevent Trump from running for president.
Court against Trump. Will he not be allowed to vote?
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.