Donald Trump’s media company continued to lose money in the third quarter as revenue trickled in during the months ahead of Tuesday’s election.
Trump Media & Technology Group Corp., which was worth $7.4 billion at Tuesday’s close, reported a net loss in the three months ending Sept. 30 of $19.2 million and net sales of just over $1 million, a filing showed. The stock slumped as much as 8% in post-market trading before erasing losses to rise 1% at 5:20 pm in New York. The volatility was similar to a choppy regular session.
The company, which owns Truth Social, has lost more than $363 million in the first nine months of the year, a notable jump from a loss of $49 million over the same stretch in 2023, according to the filing. Sales over the stretch were just $2.6 million, dropping from $3.4 million in the same period last year.
Still, the company has never traded based on its current fundamentals and at times mirrored betting markets tied to Trump’s potential return to the White House.
For Trump, the prospects of the company performing well is key for his wealth given he has a nearly 115 million share stake. He has stuck by a promise not to sell shares though his co-founders, former contestants on Trump’s TV show The Apprentice, quickly unloaded the vast majority of their holdings within a week of being able to sell..
The stock, which trades under Trump’s initials and went public in March through a blank-check merger, has been volatile since its debut. It soared as high as $79.38 in its first session as a public company before plunging as low as $11.75 in September. That degree of price gyration makes some speculative corners of the market look like ports in a storm by comparison.
This article was generated from an automated news agency feed without modifications to text.
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