New York: The Parent Company Donald Trumpis a social networking site True social It lost USD 19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency. Trump media And the technology group reported late Tuesday that most of that loss was due to legal fees of more than USD 12 million, along with a drop in revenue, according to a surprise election day earnings report.
Its stock price rose on Wednesday but that was more likely due to Trump’s defeat of Vice President Kamala Harris to regain the presidency than its profit prospects.
On January 6, 2021, Trump created the company after being banned from Twitter and Facebook following the Capitol riots.
Revenue was just $1 million in the three months ended Sept. 30, down about 6 percent from a year earlier. Trump Media, based in Sarasota, Florida, has lost more than $363 million so far this year.
Trump Media said some of the costs associated with the launch of a new TV streaming service called Truth+.
CEO and former Republican U.S. Representative Devin Nunes said in a statement that the company “continues to explore additional opportunities for growth,” such as mergers with other companies that “could benefit from Trump Media technology and branding.”
The company said in a regulatory filing that its success depends on “the reputation and popularity of President Donald J. Trump.”