Trump’s media company lost $58 million in 2023

  • 📰 cnni
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 59%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Truth Social owner Trump Media & Technology Group disclosed Monday that it lost more than $58 million and generated very little revenue in 2023.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 326. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: CNBC - 🏆 12. / 72 Read more »