Truth Social owner Trump Media & Technology Group disclosed Monday that it lost more than $58 million and generated very little revenue in 2023. The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze. In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022. The Truth Social owner generated just $4.
That long-delayed deal was completed last week, paving the way for Trump Media to receive an influx of approximately $300 million in cash. Shares of Trump Media tumbled more than 15% Monday morning following the new filings. Even though Trump Media is losing money and generating scant revenue, Wall Street has valued the company by as much as $11 billion based on the stock’s closing price Friday, according to Renaissance Capital. While Trump Media made just $4.
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Trump Media shares fall sharply after company reports net loss of $58 million in 2023Trump Media, whose majority shareholder is former President Donald Trump, 'expects to incur operating losses for the foreseeable future,' the filing says.
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