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The company that owns former President Donald Trump’s social media platform Truth Social announced it lost $16.4 million and posted a decline in revenue in its latest earnings report.
About half of Trump Media & Technology Group’s loss came from legal fees and expenses related to the company’s merger with Digital World Acquisition Corp.
Another chunk, $3.1 million, came from technology consulting and software licensing costs related to an agreement to power the recently launched Truth+.
Truth Social generated $836,900 in revenue during the second quarter ended June 30. The dip in revenue represented a 30% drop from the $1.2 million the company pulled in a year prior.
Still, the social media platform ended the quarter with a cash balance of $344 million with no debt. The company said its streaming service’s launch in this month would serve as “a core driver of long-term revenue and value.”
TMTG CEO Devin Nunes noted in a statement that in less than three years since Truth Social’s launch, the social media platform has gone public on the Nasdaq, created its own hardware and software infrastructure, and launched a streaming service, all while accruing no debt.
“From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing,” Mr. Nunes, the former Republican congressman, said.
The latest financial filing for the company followed a first-quarter report that showed TMTG with an operating loss of $12.1 million.
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