Trump Media Group discloses "significant deficiencies" in its financial reporting controls

2025-05-10 22:54:09

Collection

ChainCatcher news, according to Forbes, a new document from the U.S. Securities and Exchange Commission shows that Trump Media & Technology Group (the parent company of Truth Social) disclosed "significant deficiencies" in its financial reporting controls and acknowledged that its financial statements may be inaccurate.

The group announced its quarterly earnings on Friday, with net sales of $821,000, a net loss of $31.7 million, cash and short-term investments of $758.9 million, and debt of $9.8 million. The document pointed out that the company lacks formal accounting processes for complex transactions and sufficient experienced personnel to meet SEC reporting requirements, leading to this issue.

Trump Media stated that it has hired more accounting staff, brought in third-party consultants, and standardized processes, but admitted that there is still more work to be done.

(Source Link)

Related tags

Trump Media Group financial report

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.