Trump Media suffers $19.2 million Election Day loss and shares surge higher

The parent company of Donald Trump’s social networking site Truth Social lost $19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency. Trump Media and Technology Group reported late Tuesday that much of that loss stemmed from more than $12 million in legal fees, along with a decline in revenue, according to the surprise Election Day earnings report. Trump created the company after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot. Based in Sarasota, Florida, it has been losing money and struggling to raise revenue.