Trump Media experienced a significant loss of over $300 million during the last quarter with minimal earnings.
The financial report raises queries about the billion-dollar worth of the newly traded organization controlled chiefly by former President Donald Trump.
According to Trump Media, they suffered a loss worth $327.6 million in the first quarter of this year, which is quite higher from the $210,300 loss they experienced in the same duration last year.
Trump Media attributed the losses to certain non-cash expenses resulting from the transformation of the promissory notes and the removal of old liabilities.
The organization posted an operating loss of $12.1 million. One of the factors that contributed to this multimillion-dollar loss was those one-time payments made regarding the closing of their merger with an empty-shell company in the earlier months of 2021. Their total revenue for the quarter was only $770,500, marking two consecutive quarters with less than a million in revenue.
Read also:
- Lack of snow also opens up new opportunities for winter tourism
- Abrupt end to e-car subsidies
- The chemical industry has little confidence
- Intersport boss hopes for sales boom through sporting events
Source: edition.cnn.com
