04-01-2024, 05:07 PM
https://www.washingtonpost.com/technolog...a-results/
Former president Trump’s social media company said Monday it lost more than $58 million last year, sending its stock plunging more than 20 percent only days after a highflying public debut valued it at more than $8 billion.
Trump Media & Technology Group, which owns Truth Social, said in a new Securities and Exchange Commission filing Monday that the company generated just over $4 million in revenue last year, including less than $1 million in the last quarter of 2023.
The nosediving share price of the company — which uses the stock ticker DJT, for Trump’s initials — shaved hundreds of millions of dollars off both the company’s market value and Trump’s wealth, given that he owns about 57 percent of the firm.
The new financial figures throw into stark relief the gap between Trump Media’s highly hyped investor-driven valuation on the public stock market and the reality of its business performance.
Former president Trump’s social media company said Monday it lost more than $58 million last year, sending its stock plunging more than 20 percent only days after a highflying public debut valued it at more than $8 billion.
Trump Media & Technology Group, which owns Truth Social, said in a new Securities and Exchange Commission filing Monday that the company generated just over $4 million in revenue last year, including less than $1 million in the last quarter of 2023.
The nosediving share price of the company — which uses the stock ticker DJT, for Trump’s initials — shaved hundreds of millions of dollars off both the company’s market value and Trump’s wealth, given that he owns about 57 percent of the firm.
The new financial figures throw into stark relief the gap between Trump Media’s highly hyped investor-driven valuation on the public stock market and the reality of its business performance.