After a great start during its IPO last week, Trump Media & Technology Group revealed on Monday a financial loss of more than US$58 million last year, news that caused the company to lose more than US$1 billion. Donald Trump.
• Read also: Truth Social: Trump’s social network jumps 50% on its first day on the stock market
The company behind the Truth Social network revealed a loss of US$58.2 million (around CAN$79 million) for its 2023 financial year, while its revenues reached only US$4.1 million.
This announcement led to a real financial disarray, with the company’s shares ending the day at US$48.66, down 21.47%.
Last week, following its IPO, shares of Trump Media & Technology Group reached a peak of US$79.38.
Monday’s fall represents a loss of US$1 billion for former President Donald Trump, who owns 57.3% of Trump Media.
The company specified in its financial results that it expects to continue to accumulate losses in the near future.
