Trump Media admits financial control weaknesses

Trump Media, the parent company of Truth Social, has revealed "material weaknesses" in its financial reporting controls, raising concerns about potential errors in its financial disclosures. The company cited a lack of formal accounting processes and insufficient experienced personnel as contributing factors to the identified weaknesses. This disclosure follows a reported $31.7 million net loss on $821,000 in sales. The company has stated it is working to fix the issues. This announcement comes after the company went public in March 2024 and just weeks after the CEO certified the company's internal controls. The company's market capitalization is currently $5.5 billion.