Trump Media posts third straight loss as SPAC legal fees mount, CRO holdings rise
Trump Media reported a $54.8 million Q3 net loss, largely due to $20.3 million in SPAC legal fees, despite generating income from its Bitcoin strategy.Summary
Trump Media and Technology Group (DJT) announced a $54.8 million net loss for the third quarter, marking its third consecutive quarterly loss, which contributed to its stock decline of over 62% year-to-date. A significant portion of this loss, $20.3 million, was attributed to substantial legal bills related to its lengthy 2024 merger with a special purpose acquisition company (SPAC). The company also recorded $54.1 million in non-cash losses related to asset value changes and other expenses. Positively, Trump Media generated $15.3 million from Bitcoin-related option premiums and maintains $3.1 billion in assets, including 15,000 BTC. CEO Devin Nunes stated the firm is well-positioned for M&A strategy due to positive operating cash flow. Furthermore, the company deepened its ties with Crypto.com, purchasing over 684 million CRO tokens and integrating CRO rewards into Truth Social.
(Source：The Block)