The share price of the company - which uses the stock ticker DJT, for Trump’s initials - plunged roughly 14 percent Monday morning.
Former president Trump’s social media company made just over $4 million in revenue last year, despite a highflying stock market debut last week that sent the company’s value soaring to more than $8 billion.
The new financial figures throw into stark relief the gap between Trump Media’s highly hyped investor-driven valuation on the public stock market and the reality of its business performance. The company said in one filing that its management had “substantial doubt” that the company would have enough money to “meet its liabilities as they fall due,” including debts related to promissory notes the company had previously issued.Trump Media, which makes money exclusively through advertising on Truth Social, has struggled to gain a broad audience. Truth Social’s website peaked this month at 277,000 U.S.
The board includes Trump’s son Donald Trump Jr.; Robert E. Lighthizer, Trump’s former trade representative; Linda McMahon, his former administrator of the Small Business Administration; and Kash Patel, who served on Trump’s National Security Council. Patel was paid $130,000 last year through a consulting agreement. Dan Scavino Jr., Trump’s White House social media director, was also paid $240,000 last year through a consulting agreement that listed him as an independent contractor, the filing shows. He, too, will be given a $600,000 retention bonus.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Truth Social owner Trump Media lost $58 million in 2023Less than a week after a flashy stock market debut, Donald Trump’s social media company is disclosing that it lost nearly $58.2 million in 2023. Last year’s losses for Trump Media & Technology Group — whose flagship product is Truth Social — mark a stark decline compared to a profit of $50.
Read more »
Trump’s Truth Social lost $58 million in 2023, despite $8 billion valuationThe stock’s price slumped 15 percent.
Read more »
WR Jerry Jeudy, Browns reportedly agree to three-year, $58 million extensionThe Cleveland Browns have reportedly signed recently-acquired wide receiver Jerry Jeudy to a three-year, $58 million extension.
Read more »
OL Groupe announces sale of Seattle Reign FC for $58 millionOL Groupe, the holding company organized around seven-time French champion Lyon, on Monday said it has signed an agreement with a group including the Seattle Sounders and global investment firm Carlyle for the sale of Seattle Reign FC.
Read more »
Trump’s media company lost $58 million in 2023Truth Social owner Trump Media & Technology Group disclosed Monday that it lost more than $58 million and generated very little revenue in 2023.
Read more »
Trump Media shares fall sharply after company reports net loss of $58 million in 2023Trump Media, whose majority shareholder is former President Donald Trump, 'expects to incur operating losses for the foreseeable future,' the filing says.
Read more »