Trump Media suffers $19.2 million Election Day loss, shares surge higher

Quick Summary:

The parent company of Donald Trump's social networking site Truth Social lost USD 19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency.

Trump Media and Technology Group reported late Tuesday that much of that loss stemmed from more than USD 12 million in legal fees, along with a decline in revenue, according to the surprise Election Day earnings report.

Its stock price surged Wednesday but that was more likely due to Trump's defeat of Vice President Kamala Harris to retake the presidency than on its profit prospects.

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Category: BusinessFinance

Markets: India

Topics: US presidential election Donald Trump Trump Media Election Day

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 23:47:03 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 319 words

Reading Time: 2 minutes read

Sentences: 15 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23450971

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