Trump’s Truth Social posts $16.4 million loss, still has huge cash balance

The company that owns former President Donald Trump’s social media platform Truth Social announced it lost $16.4 million and posted a decline in revenue in its latest earnings report. 
About half of Trump Media & Technology Group’s loss came from legal fees and expenses related to the company’s merger with Digital World Acquisition Corp. 

Another chunk, $3.1 million, came from technology consulting and software licensing costs related to an agreement to power the recently launched Truth+. 

Truth Social generated $836,900 in revenue during the second quarter ended June 30. The dip in revenue represented a 30% drop from the $1.2 million the company pulled in a year prior. 
Still, the social media platform ended the quarter with a cash balance of $344 million with no debt. The company said its streaming service’s launch in thi …