SEC Filing Shows 2023 $58 Million Loss for Trump Media, Stocks Tank 25%

On Monday investors in Trump Media & Technology Group, who now own Truth Social, got a peek at their investment, which caused DJT shares to plummet as much as 25%, shaving billions off its market cap.

Monday’s SEC filing showed that in 2022, Trump Media had a net profit of $50.5 million and a total revenue of only $1.47 million.

In 2023, the company ended up with only $2.7 million in cash on hand.

“TMTG expects to incur operating losses for the foreseeable future,” says the filing by the company, which has a market valuation of more than $6.5 billion.

Trump Media’s stock (ticker $DJT for Trump’s initials) tanked 25% by early afternoon, trading at about $46 per share, a roughly 40% drop from its $79 peak set last Tuesday on its first day as an independently traded public company.  Accordingly, Trump's stake slid from its peak of $6.25 billion to Monday’s $3.64 billion.

The filing also warns shareholders that Trump’s involvement in the company could put it at greater risk than other social media companies.

Analysts said that the company’s high valuation is partly due to stock purchases by MAGA supporters, who are enthusiastic about owning part of a company so closely associated with TFG.

From CNBC, Forbes

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