Shares of Trump Media dropped by more than 10% after reporting a net loss of $327.6 million on just $770,500 in revenue in the first quarter of 2024.
Trump Media attributed its loss to non-cash expenses related to the conversion of promissory notes prior to its merger with Digital World Acquisition Corp.
The company stated that its meager revenue primarily came from its 'nascent advertising initiative' and emphasized focusing on long-term product development over short-term revenue.
Despite Trump Media's low revenue, its share price has been volatile, hitting a high of $79 per share at debut, then falling significantly, but showing recent partial recovery to around $44.
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