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Company behind Trump’s Truth Social platform posts US$58M loss

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Less than a week after a flashy stock market debut, Donald Trump's social media company is disclosing that it lost nearly US$58.2 million in 2023.

Losses in 2023 for Trump Media & Technology Group — whose flagship product is Truth Social — mark a stark decline compared with the profit of $50.5 million that the former president’s company reported for 2022, according to a regulatory filing Monday.

Revenue for Trump Media topped just over $4.13 million in 2023, the SEC filing shows, although that’s up from $1.47 million in 2022. After merging with with a blank-check company called Digital World Acquisition Corp., Trump Media began trading Tuesday on the Nasdaq under ticker symbol DJT. It’s been a volatile ride.Trump Media’s shares soared in their first couple days of trading — surpassing $79 at one point Tuesday — but have since fallen closer to their initial offering price of $49.95. As of midday Monday, Trump Media’s stock plunged more than 23 per cent to below $48, meaning a lot of early investors are taking a hit.

On Monday, shares for these so-called meme stocks slid as well, with GameStop and AMC down more than 7 per cent and 11 per cent respectfully. And Reddit, another company that recently went public and looped into meme stock frenzy comparisons, slumped more than 6 per cent.Florida abortion ban upheld by court, but voters will soon have a say

 

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