HomeEconomyTrump's company has suffered...

Trump’s company has suffered $328 million in losses since the beginning of the year.

Photo: Getty Images

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?

New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp

Source: korrespondent

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

- A word from our sponsors -

Read Now

The DPRK was promised by the “unclear” Poddjakke of Russia in the war against Ukraine

Russian military criminal, secretary of the Russian Council Sergey Shayga, visited Phogyan, where he met with Kim Jong. He promised him that the DPRK would support Russia, in particular, in the war against Ukraine. The parties discussed a joint operation in the Kursk...

In Pryluky, RF Postal House -Topl in the leader of the leader

In Pryluky, a hostile drone hit the house of the head of the local fire department. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } His family was killed: his wife,...

Russians were pushed to Constant and could be shot by a garden from artillery

The Russians have advanced towards Konstantinovka and are already shooting from artillery Ukrainian positions near the city. This is indicated in the report of the Institute of Military Research (ISW). .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px;...