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%. 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 company filing with securities regulators.
In addition to four criminal cases — which each come with its own expensive lawyers — Trump faces a $454-million-plus civil fraud penalty after a New York state judge ruled that he and others at his company had schemed for years to dupe banks, insurers and others by inflating his wealth on financial statements. 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.
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