Trump net worth down $1B as media firm tumbles 21%

investmentnews.com:

Donald Trump’s net worth tumbled by $1 billion along with the shares of his social media business after it disclosed a more than $58 million loss in 2023, as revenue for the former president’s Truth Social platform trickled in. 

Trump Media & Technology Group Corp.’s stock fell 21% Monday to $48.66 per share, below the $49.95 level where the blank-check vehicle it merged with was trading a week ago. Trump owns 57% of the company, according to the filings with the US Securities and Exchange Commission, with his stake now worth $3.76 billion on paper. 

The slump takes his net worth to $6.4 billion, a fall of 14%, according to data compiled by Bloomberg.

Trump Media generated just $4.1 million in revenue for the full year, results reported in a filing Monday morning show, underscoring how richly valued it is relative to its peers. The company doesn’t report active user numbers, disclosing in its prospectus in February only that Truth Social has about 9 million signups across its platforms.

The firm has still delivered a meteoric gain this year to date, with its market value sitting at about $6.6 billion after it became a meme stock and captivated retail traders.

Reddit Inc. — which went public last month and has a similar valuation — had 267.5 million weekly active users in the last quarter, and delivered $804 million in revenue last year. Meanwhile Snap Inc., which has a market value of $19 billion, had a net loss of $1.3 billion on $4.6 billion in sales last year. Snap estimated daily active users for the first-quarter of about 420 million.

Trump currently faces legal troubles including four criminal prosecutions. The first criminal trial — alleging he falsified business records to conceal hush money payments to a porn