Trump Media stock falls more than 21% after company discloses $58 million loss for 2023
Less than a week after a flashy stock market debut, Donald Trump’s social media company has disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%
NEW YORK — Less than a week after a flashy stock market debut, Donald Trump's social media company on Monday disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%.
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 company filing with securities regulators.
Revenue for Trump Media came in at $4.1 million in 2023, the SEC filing shows, although that's up from $1.5 million in 2022.
After merging with a blank-check company called Digital World Acquisition Corp., Trump Media began trading March 26 on the Nasdaq stock market under ticker symbol DJT. And it's been a volatile ride.
Trump Media's shares soared in their first couple days of trading — surpassing $79 at one point — but have since fallen closer to their initial offering price of $49.95. The company's stock closed at $48.66 after Monday's sell-off, meaning a lot of early investors are taking a hit.
Industry analysts have compared the fervor around Florida-based Trump Media to the meme stock craze, which notably boosted shares of struggling companies such as GameStop and the movie chain AMC Entertainment to exorbitant heights in 2021.
On Monday, shares for these so-called meme stocks slid as well, with GameStop and AMC down more than 4% and 15%, respectfully, at market close. And Reddit, another company that recently went public and has since been looped into meme
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