This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022.
Stefani Reynolds | AFP | Getty Images
Trump Media, the social media company whose majority shareholder is former President Donald Trump, on Friday reported a net loss of more than $16 million for the most recent financial quarter.
Trump Media, which owns the Truth Social app often used by the former president, also reported that its already meager revenue dropped by 30% for the quarter that ended June 30, compared to the same period last year.
The stock price of Trump Media, which trades under the DJT ticker, has fallen sharply from a high of more than $71 per share shortly after began publicly trading in late March following a merger with a so-called special acquisition corporation, to close at $26.21 per share Friday afternoon.
In its 10-Q filing Friday afternoon, Trump Media reported a loss of $16.37 million for the quarter ending June 30, compared to a $22.8 million loss for the same quarter in 2023.
Revenue for the most recent quarter was just $839,000, compared to $1.2 million for the same quarter last year.
The Republican presidential nominee Trump and his running mate Sen. JD Vance are set to face the Democratic nominee, Vice President Kamala Harris, and Minnesota Gov. Tim Walz in November’s election.
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