Trump Media stock falls more than 21% after company discloses $58 million loss for 2023

Losses in 2023 for Trump Media & Technology Group — whose flagship product is Truth Social — mark a stark decline compared with its profit of $50.5 million in 2022., 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%.— 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.

Trump Media's shares soared in their first couple days of trading — surpassing $79 at one point — but have since fallen closer to their initial offering price of $49.95. The company's stock closed at $48.66 after Monday's sell-off, meaning a lot of early investors are taking a hit., which notably boosted shares of struggling companies such as GameStop and the movie chain AMC Entertainment to exorbitant heights in 2021.

Trump’s social media site had been seen as a potential financial lifeline for the presumptive Republican presidential nominee as he faces an unprecedented onslaught of legal and financial challenges.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.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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