 Technology |
Technology |
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Trump Media stock falls as downward slide continues |
Shares in Trump Media & Technology Group, the parent company of former President Trump's Truth Social platform, continued to fall at the start of the trading week Monday, dipping another 8 percent. |
© Yuki Iwamura, Bloomberg via Getty Images |
Trump Media's shares were hovering around $37 as of Monday morning, after closing Friday at about $40. The latest numbers mark a steep fall for the Truth Social parent, whose shares initially climbed above $79 after going public nearly two weeks ago. The company's steady downward slide began last Monday, after it reported a $58 million loss in 2023. While Trump Media generated about $4.1 million in revenue last year, it spent roughly $16 million on operating expenses and $39.4 million on interest expenses, according to regulatory filings. The Truth Social parent also noted that it "expects to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future" and that "it is premature for [Trump Media] to predict when it will attain profitability and positive cash flows from its operations." However, Trump Media CEO Devin Nunes argued Sunday that the company is "well positioned" to turn profitable. "Even if you take the ridiculous cost that it took us to get to this point, we are well positioned," Nunes told Fox News host Maria Bartiromo on "Sunday Morning Futures." "Why are we well positioned?" he continued. "Because we have no debt. We're coming out of this with no debt, a platform that works really, really well that communicates to millions of people, and then we have $200 million in the bank." Financial information on Trump Media's first quarter performance is not yet available. The company received an influx of $300 million after merging with the blank check company Digital World Acquisition Corp. in order to go public. Read more in a full report at TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. | |
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How policy will be impacting the tech sector now and in the future: |
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The Biden administration announced a multi-billion-dollar agreement with a Taiwan-based semiconductor manufacturer Monday to support the construction of facilities in the United States, including one in Arizona. The administration said it had reached a preliminary agreement with Taiwan Semiconductor Manufacturing Company (TSMC), which is headquartered in Hsinchu, for funding through the CHIPS and Science Act. The agreement … |
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| Commerce Committee chairs in the House and Senate released a bipartisan bill Sunday evening that aims to protect Americans' personal data online. Sen. Maria Cantwell (D-Wash.) and Rep. Cathy McMorris Rodgers (R-Wash.) unveiled the American Privacy Rights Act Sunday that would set "clear, national data privacy rights and protections for Americans." It will preempt states' data privacy laws and will establish a way for Americans … |
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Artificial intelligence (AI) is playing an expanding — and often invisible — role in America's legal system. While AI tools are being used to inform criminal investigations, there is often no way for defendants to challenge their digital accuser or even know what role it played in the case. “Under current law in most jurisdictions, [prosecutors] don’t have to disclose artificial intelligence use to the judge … |
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News we've flagged from the intersection of tech and other topics: |
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TikTok's Instagram rival 'Notes' in development |
TikTok's photo sharing app, meant to compete with Meta-owned Instagram, will likely be named TikTok Notes, TechCrunch reported. |
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Tech companies violated rules to train AI |
Tech companies leading the way on artificial intelligence (AI) may have violated their own rules and skirted some copyright laws, as they searched for information to train their growing large language models, The New York Times reported. |
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Upcoming news themes and events we're watching: |
- The House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet will hold a hearing on "IP Protection for AI-Assisted Inventions and Creative Works" on Wednesday at 10 a.m.
- The Senate Energy and Natural Resources Subcommittee on Water and Power will hold a hearing on the "federal and non-federal role of assessing cyber threats to and vulnerabilities of critical water infrastructure in our energy sector" on Wednesday at 2:30 p.m.
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When guided by ethics, transparency, and fairness, responsible AI can spark creativity and help usher in a more prosperous and sustainable future that improves our lives, grows our economy, and keeps us safe. Learn more. |
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Branch out with other reads on The Hill: |
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Brazil Supreme Court justice orders investigation of Elon Musk over fake news and obstruction |
RIO DE JANEIRO (AP) — A crusading Brazilian Supreme Court justice has included Elon Musk as a target in an ongoing investigation over the dissemination of fake news, and has opened a separate investigation into the U.S. business executive for alleged obstruction. In his decision, Justice Alexandre … |
LONDON (AP) — Find a globe in your local library or classroom and try this: Close the eyes, spin it and drop a finger randomly on its curved, glossy surface. You're likely to pinpoint a spot in the water, which covers 71% of the planet. Maybe you'll alight on a place you've never heard of — or a … |
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Two key stories on The Hill right now: |
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Sen. Lindsey Graham (R-S.C.) broke with former President Trump on Monday over Trump's decision to back away from endorsing a national 15-week abortion … Read more |
| President Biden announced a student loan plan Monday that would help millions of Americans have their debt forgiven in his latest attempt to provide … Read more |
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Opinions related to tech submitted to The Hill: |
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You're all caught up. See you tomorrow! |
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