Trump Media and Technology Group reported late Tuesday that much of that loss was due to more than $12 million in legal fees, along with a drop in revenue, according to a surprise Election Day earnings report.
Trump Media’s share price jumped 30% at the open on Wednesday, but that was more likely due to Trump’s loss of re-election to Vice President Kamala Harris than his profit prospects. Later in the day it crossed its high and was trading 6.28% higher.
Trump created the company after banning Twitter and Facebook following the January 6, 2021 Capitol riots. Based in Sarasota, Florida, it is losing money and struggling to raise revenue.
Revenue for the three-month period ended Sept. 30 was just over $1 million, down about 6% from a year earlier. Trump Media, based in Sarasota, Florida, has lost more than $363 million so far this year.
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Trump Media said some of its expenses related to the launch of its new TV streaming service, called Truth+.
CEO and former Republican US Republican Devin Nunes said in a statement that the company “continues to explore additional opportunities for growth” such as mergers with other companies that would “benefit from Trump media technology and branding.”
The company said in a regulatory filing that its success depends in part on “the reputation and popularity of President Donald J. Trump.”
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