The download screen for Truth Social app is seen on a laptop computer, March 20, 2024, in New York. Shares of Trump Media & Technology Group closed lower Friday after swinging wildly over the course of the day following the conviction of former President Donald Trump in his hush money trial.
In a filing with the U.S. Securities & Exchange Commission before going public, Trump Media warned investors of the potential pitfalls faced by the former president and the adverse affect it might have on the stock. For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp. DWAC was an example of what’s known as a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly, but with much less scrutiny.
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