Donald Trump's Social Media Company 'Trump Media & Technology Group' Lost More Than USD 58 Million in 2023, Shares Tumble
Trump Media's shares soared in their first couple days of trading — surpassing USD 79 at one point Tuesday — but have since fallen closer to their initial offering price of USD 49.95. As of midday Monday, Trump Media's stock was down more than 18 per cent, standing at just over USD 50.
New York, April 1: Less than a week after a flashy stock market debut, Donald Trump's social media company is disclosing that it lost nearly USD 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 USD 50.5 million that the former president's company reported for 2022, according to a regulatory filing Monday.
The SEC filing shows that Trump Media's revenue topped just over USD 4.13 million in 2023, although that's up from USD 1.47 million in 2022. After merging with with a blank-check company called Digital World Acquisition Corp., Trump Media began trading on Tuesday on the Nasdaq under ticker symbol DJT. It's been a volatile ride. Donald Trump Wins California Republican Presidential Primary Election Results 2024.
Trump Media's shares soared in their first couple days of trading — surpassing USD 79 at one point Tuesday — but have since fallen closer to their initial offering price of USD 49.95. As of midday Monday, Trump Media's stock was down more than 18 per cent, standing at just over USD 50.
Industry analysts have compared the fervour around Trump Media to the meme stock craze, which notably boosted shares of struggling companies such as GameStop and the movie chain AMC Entertainment to exorbitant heights in 2021. US: Donald Trump Sparks Outrage With Clip Depicting President Joe Biden Tied Up in Pickup Truck, Video Surfaces.
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.
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