The parent company of former President Trump’s Truth Social platform reported a $58 million loss in 2023. New regulatory filings.
Trump Media & Technology Group, which went public last week, had revenue of about $4.1 million last year and had revenue of just over $750,000 in the fourth quarter, the Securities and Exchange Commission said. The filing showed.
The company spent about $16 million on operating expenses and $39.4 million in interest expense, the filing said.
Trump Media had a strong debut on the stock market, with shares rising to $79.38 on the first day of trading. By Thursday, the last day of trading for the week before the Easter holiday, the company’s stock had settled around $62 per share.
As of Monday morning, Trump Media stock had fallen to about $53.
Given Trump Media’s lackluster performance in 2023, many financial experts are characterizing Trump Media as a “meme stock” driven more by enthusiasm for the former president than by the company’s actual performance. I’m wearing it.
Trump owns about 58% of Trump Media, meaning he stands to make billions of dollars from the newly public company.
But it took years for the former president’s media company to go public after it first began merger talks with “blank check” company Digital World Acquisition Corporation in October 2021.
The merger had multiple setbacks. A former director of Digital World and two others were charged with insider trading, and the SEC fined him $18 million for misleading investors and regulators.
As the merger neared the finish line last month, Trump Media and Digital World also faced multiple lawsuits from former executives.
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