Shares in Trump Media Technology Group (which owns Truth Social) fell more than 21% today after the company reported a net loss of $58 million on revenue of just $4.1 million in 2023. From CNBC:
“TMTG expects to incur operating losses for the foreseeable future,” says the company’s 8-K filing. The company has a market valuation of more than $6.5 billion.
Trump Media’s share price rocketed when its stock began trading last Tuesday, several days after the firm merged with a special purpose acquisition company, Digital World Acquisition Corp., which had been traded under the ticker DWAC.
The newly merged company now trades under Trump’s initials, DJT.
Analysts note that the company’s high valuation is partly due to stock purchases by Trump’s political supporters, who are enthusiastic about owning part of a company so closely associated with the presumptive Republican presidential nominee.
The value of Trump’s stake in the company fell on Monday from $4.89 billion to $3.84 billion. The stock is continuing to slide in after-hours trading. According to the disclosures, all of the company’s revenue comes from advertising on Truth Social. Read more at CNBC. So. Much. Winning. 
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