debut: 2/16/17
35,105 runs
Trump’s net worth plunges $1 billion as his media stock tumbles
Shares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023. Former President Donald Trump is the company’s majority shareholder, and his net worth tumbled by more than $1 billion Monday as a result.
The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze.
In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.
The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.
Not only that, but revenue tumbled 39% year-over-year in the fourth quarter to just $751,500. That’s not what investors want to see from any start-up, especially one valued at these levels.
Shares of Trump Media tumbled 21% Monday following the new filings, though they are still up nearly 200% so far this year.
Shares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023. Former President Donald Trump is the company’s majority shareholder, and his net worth tumbled by more than $1 billion Monday as a result.
The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze.
In a regulatory filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.
The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.
Not only that, but revenue tumbled 39% year-over-year in the fourth quarter to just $751,500. That’s not what investors want to see from any start-up, especially one valued at these levels.
Shares of Trump Media tumbled 21% Monday following the new filings, though they are still up nearly 200% so far this year.
