Media and Entertainment
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Media and Entertainment
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Sun, May 11, 2025
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Trump Media said it had 'material weakness' in internal controls


Published on 2025-05-11 05:24:23 - Fortune
  Print publication without navigation

  • The findings come after the company posted a net loss of $31.7 million for the first quarter, which it ended with cash, cash equivalents and short-term investments of $759 million.

Trump Media & Technology Group reported a net loss of $327.6 million in the first quarter, with revenue at just $770,500, significantly impacted by non-cash expenses related to its merger with Digital World Acquisition Corp. The company disclosed a "material weakness" in its internal control over financial reporting, which it attributes to being a smaller firm with limited resources. Despite these challenges, Trump Media's CEO, Devin Nunes, expressed optimism about the company's future, emphasizing its focus on free speech and plans to innovate and expand its user base. The company also noted that it had cash and cash equivalents of $274 million at the end of the quarter, which it plans to use to support its growth initiatives.

Read the Full Fortune Article at:
[ https://fortune.com/2025/05/10/trump-media-q1-earnings-report-material-weakness-internal-controls/ ]

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