【Trump Media Admits Major Deficiencies in Financial Controls While Advancing Cryptocurrency Business】On May 10, Trump Media & Technology Group acknowledged in a document released Thursday that its financial control system has "major deficiencies," lacking qualified personnel and policies to manage its accounting, which increases the risk of errors in financial data that go undetected. The company reported a quarterly net loss of $31.7 million for the period ending 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 to address this issue by bringing in new accountants familiar with reporting rules. Meanwhile, Trump Media launched a fintech brand named Truth.Fi in the same quarter and signed partnerships with Crypto.com and Yorkville America Digital to jointly develop products such as exchange-traded funds. CEO Devin Nunes stated that the company's goal is to become a larger enterprise that owns and operates a variety of products and services, rather than just its Truth Social app.
