Trump Media Company Reports Loss
(Reuters) – Former U.S. President Donald Trump's media company reported a net loss of $19.2 million in the third quarter, primarily due to legal fees and costs related to its TV streaming deal.
Trump Media & Technology Group disclosed that this figure includes $12.1 million in legal fees incurred during the quarter, resulting from its acquisition of TV streaming technology in August as well as residual fees from its SPAC deal in March.
Additionally, the company reported $3.9 million in research and development expenses.
Despite these losses, shares of Trump Media recovered from earlier declines during extended trading, rising about 2%.
This report comes as the U.S. presidential election approaches, with polls indicating a tight race between Trump and current Vice President Kamala Harris, as anticipation builds for one of the most unusual elections in modern U.S. history.
Shares of Trump Media, which operates the Truth Social platform, have experienced significant fluctuations in recent days, reflecting Trump's electoral prospects.
For the quarter ending September, Trump Media reported revenue of $1 million and cash and cash equivalents totaling $672.9 million, including short-term investments, with no outstanding debt.
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