Trump Media's Financial Struggles Amid Presidential Victory

Trump Media and Technology Group, parent of Truth Social, reported a USD 19.2 million loss in Q3, largely due to USD 12 million legal fees and diminished revenue. Despite revenue declining over 6% and accumulating USD 363 million loss this year, its stock surged amid Trump's presidential win.

Trump Media and Technology Group, the company behind Truth Social, faced significant financial losses, as disclosed in a recent earnings report coinciding with Donald Trump's return to the presidency. Reports indicate a USD 19.2 million loss in the last quarter, with over USD 12 million attributed to legal fees.

The company's revenue for the quarter ending September 30 was more than USD 1 million, marking a decline of nearly 6% compared to the previous year. The stock price of the company saw an uptick following Trump's electoral victory over Vice President Kamala Harris, although this was likely due to his political success rather than profit forecasts.

CEO Devin Nunes stated that Trump Media is exploring growth opportunities such as mergers and partnerships that could leverage Trump Media's technology and branding. The company's future success appears to heavily rely on Donald Trump's reputation and popularity post-election.

(With inputs from agencies.)