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Truth Social losses $300M on Q1
Trump Media and Technology Group reported $770,500 in revenue for the first quarter of 2024 and a net loss of $327.6 million.
In Q1, the company recorded $311 million in non-cash expenses arising from the conversion of promissory notes, and the associated elimination of prior liabilities, immediately before the closing of TMTG’s merger with DWAC. “By adding features to Truth Social, launching live TV streaming, and building out its ecosystem, the Company aims to first develop a slate of best-in-class products that can then be leveraged to increase revenue and drive long-term value.” Trump Media & Technology Group was formed in 2021 after the former president was kicked off Twitter (now called X), Facebook, Instagram, YouTube and other internet platforms, which said he had violated prohibitions against inciting violence in connection with the Jan. 6, 2021, attack on the U.S. Capitol, which aimed to overturn the results of the 2020 election.
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