The company, which holds ownership of the Truth Social app that was frequently utilized by the former president, also reported lower revenues for the quarter ending June 30 compared to the same period last year.

The stock price of Trump Media, traded under the DJT ticker, has seen a significant decline from its peak of over $71 per share shortly after its public trading commenced in late March. In the aftermath of a merger with a special acquisition corporation, the company's shares closed at $26.21 per share on Friday afternoon.

Despite these financial setbacks, former President Trump, who is now the Republican presidential nominee, remains determined in his political ambitions. He has chosen Senator JD Vance as his running mate as they prepare to go head-to-head with the Democratic nominee Vice President Kamala Harris and Minnesota Governor Tim Walz in the upcoming November election.

The financial performance of Trump Media undoubtedly raises questions about the company's future prospects. As the popularity of the Truth Social app wanes and the company faces fierce competition within the crowded social media landscape, it remains to be seen how Trump Media can reverse their financial course and recover from this disappointing quarter.

This is a breaking news story and any further updates will be provided as new information becomes available.