Donald Trump's social media company lost $58 million last year
The Peninsula
New York: Less than a week after a flashy stock market debut, Donald Trump s social media company is disclosing that it lost nearly $58.2 million in 2...
New York: Less than a week after a flashy stock market debut, Donald Trump's social media company is disclosing that it lost nearly $58.2 million in 2023.
Losses in 2023 for Trump Media & Technology Group - whose flagship product is Truth Social - mark a stark decline compared with the profit of $50.5 million that the former president's company reported for 2022, according to a regulatory filing Monday.
Revenue for Trump Media topped just over $4.13 million in 2023, the SEC filing shows, although that's up from $1.47 million in 2022.
After merging with with a blank-check company called Digital World Acquisition Corp., Trump Media began trading Tuesday on the Nasdaq under ticker symbol DJT. It's been a volatile ride.
Trump Media's shares soared in their first couple days of trading - surpassing $79 at one point Tuesday - but have since fallen closer to their initial offering price of $49.95. As of midday Monday, Trump Media's stock plunged more than 23% to below $48, meaning a lot of early investors are taking a hit.
