The Trump Media company’s stock drops more than 21% as it revealed a $58 million loss for 2023
Donald Trump’s social networking firm said on Monday that it lost around $58.2 million in the previous year, sending its shares down more than 21%, less than a week after a spectacular stock market launch.
According to a corporate filing with securities authorities, Trump Media & Technology Group‘s losses in 2023—whose main product is Truth Social—mark a sharp decrease from the $50.5 million in profit the former president’s company recorded for 2022.
According to the SEC filing, Trump Media’s revenue increased to $4.1 million in 2023 from $1.5 million in 2022.
Following its merger with Digital World Acquisition Corp., a blank-check corporation, Trump Media started trading on the Nasdaq stock exchange on March 26 under the ticker DJT. And the journey has been turbulent.
Trump Media’s stock shot up in the first few days of trading, hitting about $79 at one time, but it has since dropped to near $49.95, the price at which it was initially offered. Following Monday’s sell-off, the company’s shares finished at $48.66, which means that many of the early investors are suffering.
