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Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
The owner of the Truth Social site “expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers,” according to its SEC filing made April 1.
TMTG, which "aspires to build a media and technology powerhouse to rival the liberal media consortium and promote free expression” does not rely on any specific key performance metric to make business or operating decisions.
While Facebook, Google and X gather and analyze certain metrics, TMTG’s management believes due to the early development stage of the Truth Social platform, such metrics are not critical in the near future of the business.
TMTG claims “the liberal media consortium” colludes "to curtail debate in America and censor voices that contradict their woke ideology.”
It says the popularity of former president Trump, who owns about 60 percent of the company, is crucial to its success.
"Adverse reactions to publicity relating to President Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base,” it says in the 8-K document.
The company says it might suffer if Trump’s reputation is hurt by the various lawsuits that he is involved with, or if “his followers lose interest in his messages.”
WNET, the nation’s largest public media company, names Edward O’Keefe its next president and CEO, effective September 21. O’Keefe succeeds Neal Shapiro, who becomes president emeritus and will retire at the end of the year... The Stealth Bot Prohibition Act, which would empower news publishers and other content providers to defend themselves by mandating transparency for all bots crawling their sites, in introduced in the House by Rep. Laurel Lee (R-FL) and Rep. Valerie Foushee (D-NC)... Google gets socked by European Union regulators with a $1 billion fine for using the platform’s dominance as a search engine to illegally undercut competition.
Boston Globe Media acquires InstaTrac, a company that provides subscription-based services aimed at making government information easier to find, track, and understand... AARP names former New Republic CEO and publisher Michael Caruso as its SVP and chief content officer, unifying the organization's portfolio of media, live events and digital platforms... The Fund for American Studies, an educational nonprofit, awards its inaugural Journalism Excellence Fellowships.
Trump Media and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
