Donald Trump's Trump Media & Technology Group (TMTG), surprised investors by announcing an unexpected loss of $19.2 million on Election Day, for the third quarter of 2024.
The loss was due, in large part, to legal fees of $12.1 million, related to the recent acquisition of live TV technology, in addition to research and development (R&D) expenses of $3.9 million.
TMTG's revenue also recorded a decrease of 5.6% compared to last year, with only $1 million in revenue.
Despite this, the company's shares reportedly continued to jump more than 6% in after-hours trading, although the stock has often seen volatility as it is seen as an indication of Trump's victory in the 2024 Presidential Election against Vice President Kamala Harris.
TMTG shares have had a bumpy ride, down 34% in the week but still up 93% for the year.
TMTG CEO Devin Nunes was upbeat, stating that the company is exploring new growth opportunities, and ended the quarter with strong cash reserves of $673 million with no debt.
The news sparked debate over TMTG's future amid the ongoing Presidential Election, with investors following every development in hopes of Trump's return to the political and business scene.
