TechFlow news, May 10 — According to Cryptopolitan, Trump Media & Technology Group acknowledged "material weaknesses" in its financial control systems in documents released on Thursday, citing a lack of qualified personnel and policies to manage its own accounting, increasing the risk of undetected errors in financial data.
The company reported a net loss of $31.7 million for the quarter ended March 31, but still held $759 million in cash, cash equivalents, and short-term investments at the end of the quarter. The company has begun addressing the issue by bringing in new accountants familiar with reporting rules.
In the same quarter, Trump Media launched a fintech brand called Truth.Fi and entered partnerships with Crypto.com and Yorkville America Digital to jointly develop products such as exchange-traded funds.
CEO Devin Nunes stated that the company aims to become a larger enterprise that owns and operates various types of products and services, not just its Truth Social app.
