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AP-National

Trump Media stock falls more than 21% after company discloses $58 million loss for 2023

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Published 10:32 AM

By WYATTE GRANTHAM-PHILIPS
AP Business Writer

NEW YORK (AP) — Less than a week after a flashy stock market debut, Donald Trump’s social media company has disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%. Losses in 2023 for Trump Media & Technology Group — whose flagship product is Truth Social repo — mark a stark decline compared to a profit of $50.5 million that the former president’s company reported for 2022. That’s according to a company filing with securities regulators. Revenues for Trump Media topped just over $4.13 million in 2023, although that’s up from $1.47 million seen in 2022. After merging with a blank-check company called Digital World Acquisition Corp., Trump Media began trading on the Nasdaq last week under ticker symbol DJT. It’s been a volatile ride since.

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