FILE - The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. On Monday, April 1, less than a week after a flashy stock market debut, Trump’s social …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%.
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. 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 stock frenzy comparisons, slumped nearly 7%.
Last week, Trump won a break when an appeals court cut the amount he needs to put up to pause collection while he appeals to $175 million, which Trump has said he will be able to cover. But he must come up with the money by Thursday.
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