Trump Media Faces $19.2 Million Loss Amid Presidential Win

Donald Trump's social networking company, Truth Social, reported a $19.2 million loss in the last quarter. The losses, mainly due to legal fees, coincided with Trump's presidential return. Trump's media venture seeks growth through mergers, relying heavily on his reputation.

Donald Trump's social networking platform, Truth Social, reported significant financial losses amid his political success. The parent company, Trump Media and Technology Group, noted a $19.2 million loss in the last quarter, with substantial legal expenses contributing to the deficit.

The earnings report, released on the day Trump won re-election over Kamala Harris, highlighted a revenue drop of over 6%, totaling just over $1 million for the three-month period ending September 30. The company's stock price surged, likely influenced more by Trump's political victory than potential profit prospects.

CEO Devin Nunes indicated plans for expansion, eyeing mergers and using Trump's strength in branding to fuel growth. The firm, which is also launching a new TV streaming service, Truth+, heavily relies on Trump's popularity for its strategic pursuits.

(With inputs from agencies.)