On May 21, Trump Media and Technology Group (TMTG) of former US President Donald Trump reported a loss of more than 300 million USD in the first quarter of 2024.
TMTG reported a net loss of $327.6 million in the first quarter of 2024, much higher than the net loss of $210,300 in the same period last year. In the last quarter, TMTG generated only $770,500 in revenue.
TMTG currently operates Truth Social, a media platform founded by Mr. Trump. With its initial public offering (IPO) on the Nasdaq (USA) on March 26, Mr. Trump's media group is obliged to announce quarterly business results. However, TMTG's stock price fell more than 70% immediately after its debut on Wall Street and then recovered from mid-April. This decline has "evaporated" several billion USD in the financial assets of former President Trump.
Mr. Trump owns 57.3% of TMTG, after the group merged with Digital World Acquisition. According to TMTG, the majority of the loss in the last quarter was related to $311 million in non-cash expenses - including the payment of previous debt - that existed before TMTG merged with Digital World Acquisition. The cost of the merger amounted to $6.3 million, contributing to TMTG's operating loss in the first quarter of 2024 to $12.1 million, about four times higher than the operating loss in the same period last year.
SOUTH
Source: https://www.sggp.org.vn/tap-doan-cua-ong-donald-trump-lo-hon-300-trieu-usd-post740892.html
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