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

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

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Truth Social: Trump's social media company approved to go publicDonald Trump is returning to the stock market, and the former president stands to reap a sizeable payout in the process.
Source: CP24 - 🏆 30. / 67 Read more »

Trump's social media company will go public after merger with shell company is approvedNEW YORK (AP) — Donald Trump is returning to the stock market. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved a deal to merge with the former president’s media business in a Friday vote.
Source: SooToday - 🏆 8. / 85 Read more »

Trump’s media company shares jump ahead of backdoor Nasdaq debutParent of social media platform Truth Social surges
Source: globeandmail - 🏆 5. / 92 Read more »

Trump's Truth Social clears path to go public with DWAC merger voteDigital World Acquisition Corp. (DWAC) shareholders have officially approved the company's merger with Trump Media & Technology Group. Axios Business Editor ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »