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Trump Media shares fall sharply after company reports net loss of $58 million in 2023

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Trump Media, whose majority shareholder is former President Donald Trump, 'expects to incur operating losses for the foreseeable future,' the filing says.

Shares in Trump Media Technology Group fell sharply after the company reported a net loss of $58 million in 2023.

"TMTG expects to incur operating losses for the foreseeable future," says the filing by the company, which has a market valuation of more than $7 billion.This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022.

TMTG also disclosed to regulators that the company had identified "material weaknesses in its internal control over financial reporting" when it prepared a previous financial statement for the first three quarters of 2023.Trump owns 57.3% of Trump Media shares, a stake valued at more than $4 billion.

 

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