 |
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.”
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
Los Angeles Times editor Kevin Merida is exiting, effective Jan. 11... News Corp brings on Arthur Bochner, who most recently served as VP, strategic communications at the Walt Disney Company, as chief communications officer and EVP following the retirement later this year of Jim Kennedy... Hearst Magazines names Lindsay Horrigan SVP, consumer growth officer, a new position at the company. 
Have a comment? Send it to 
No comments have been submitted for this story yet.