Current:Home > ScamsDonald Trump’s social media company lost $58 million last year. Freshly issued shares tumble -RiskWatch
Donald Trump’s social media company lost $58 million last year. Freshly issued shares tumble
View
Date:2025-04-12 16:58:19
NEW YORK (AP) — Less 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.
Losses in 2023 for Trump Media & Technology Group — whose flagship product is Truth Social — mark a stark decline compared with the profit of $50.5 million that the former president’s company reported for 2022, according to a regulatory filing Monday.
Revenue for Trump Media topped just over $4.13 million in 2023, the SEC filing shows, although that’s up from $1.47 million in 2022.
After merging with with a blank-check company called Digital World Acquisition Corp., Trump Media began trading Tuesday on the Nasdaq under ticker symbol DJT. It’s been a volatile ride.
Trump Media’s shares soared in their first couple days of trading — surpassing $79 at one point Tuesday — but have since fallen closer to their initial offering price of $49.95. As of midday Monday, Trump Media’s stock plunged more than 23% to below $48, meaning a lot of early investors are taking a hit.
Industry analysts have compared the fervor around Trump Media to the meme stock craze, which notably boosted shares of struggling companies such as GameStop and the movie chain AMC Entertainment to exorbitant heights in 2021.
On Monday, shares for these so-called meme stocks slid as well, with GameStop and AMC down more than 7% and 11%, respectfully. And Reddit, another company that recently went public and looped into meme stock frenzy comparisons, slumped more than 6%.
veryGood! (24577)
Related
- Retirement planning: 3 crucial moves everyone should make before 2025
- Tough choices on Hawaii’s prisons and jails lie ahead, official says
- Who are the 2024 MacArthur ‘genius grant’ fellows?
- 'Deep frustration' after cell phone outages persist after Hurricane Helene landfall
- Sarah J. Maas books explained: How to read 'ACOTAR,' 'Throne of Glass' in order.
- The Latest: VP candidates Vance and Walz meet in last scheduled debate for 2024 tickets
- Nike stock responds as company names new CEO. Is it too late to buy?
- Closing arguments expected in trial of 3 former Memphis officers charged in Tyre Nichols’ death
- South Korean president's party divided over defiant martial law speech
- 'No one was expecting this': Grueling searches resume in NC: Helene live updates
Ranking
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Who are the 2024 MacArthur ‘genius grant’ fellows?
- Nike stock responds as company names new CEO. Is it too late to buy?
- Bobby Witt Jr. 'plays the game at a different speed': Royals phenom makes playoff debut
- Biden administration makes final diplomatic push for stability across a turbulent Mideast
- Attorney says 120 accusers allege sexual misconduct against Sean ‘Diddy’ Combs
- Princess Beatrice, husband Edoardo Mapelli Mozzi expecting second child
- Two nominees for West Virginia governor agree to Oct. 29 debate
Recommendation
This was the average Social Security benefit in 2004, and here's what it is now
Love Is Blind Star Chelsea Blackwell Debuts New Romance
Are oats healthy? Here's how to make them an even better breakfast.
2024 National Book Awards finalists list announced: See which titles made it
Cincinnati Bengals quarterback Joe Burrow owns a $3 million Batmobile Tumbler
Selena Gomez Shares One Piece of Advice She Would Give Her Younger Self
Bowl projections: College football Week 5 brings change to playoff field
Adrien Brody Has Iconic Reaction to Kim Kardashian Mistaking Him for Adam Brody