Trump Media gains post-election, even as Truth Social parent reports $19 million quarterly loss

NEW YORK -- The genitor institution of Donald Trump's societal networking tract Truth Social mislaid $19.2 cardinal successful nan past quarter, according to an net study released connected nan aforesaid time he won backmost nan presidency.

Trump Media and Technology Group reported precocious Tuesday that overmuch of that nonaccomplishment stemmed from much than $12 cardinal successful ineligible fees, on pinch a diminution successful revenue, according to nan astonishment Election Day net report. Its banal value surged Wednesday but that was much apt owed to Trump’s conclusion of Vice President Kamala Harris to retake nan presidency than connected its profit prospects.

Trump created nan institution aft he was banned from Twitter and Facebook pursuing nan Jan. 6, 2021, Capitol riot.

Revenue for nan three-month play that ended connected September 30 was conscionable complete $1 million, down astir 6% from a twelvemonth earlier. Trump Media, based successful Sarasota, Florida, has mislaid much than $363 cardinal truthful acold this year.

Trump Media said immoderate of its costs related to nan motorboat of its caller TV streaming work called Truth+.

CEO and erstwhile Republican U.S. Rep. Devin Nunes said successful a connection nan institution “continues to research further possibilities for growth” specified arsenic mergers pinch different companies that “would use from Trump Media exertion and branding.”

The institution said successful a regulatory uncovering that its occurrence depends successful portion connected “the estimation and fame of President Donald J. Trump.”