NEW YORK — Less than a week after a flashy stock market debut, Donald Trump’s social media company announces that it has lost almost $58.2 million in 2023.
Losses in 2023 for Trump Media & Technology Group – whose flagship is Truth Social – marks a sharp decline from the $50.5 million profit the former president’s company reported for 2022, according to a regulatory filing Monday.
Trump Media’s revenue was just over $4.13 million in 2023, SEC filings show, although that is up from $1.47 million in 2022.
After merging with a blank check company called Digital World Acquisition Corp., Trump Media began trading on the Nasdaq on Tuesday under ticker symbol DJT. It’s been a volatile ride.
Shares of Trump Media soared during their first few days of trading — at one point surpassing $79 on Tuesday — but have since fallen closer to their original offering price of $49.95. As of Monday afternoon, Trump Media stock fell more than 23% to below $48, meaning many early investors are taking a hit.
Industry analysts have likened the fervor surrounding Trump Media to the meme stock craze, which in particular has sent shares of troubled companies like GameStop and movie chain AMC Entertainment soaring to exorbitant heights in 2021.
Shares of these so-called meme stocks also fell on Monday, with GameStop and AMC down more than 7% and 11%, respectively. And Reddit, another company that recently went public and dabbled in meme stock comparisons, fell more than 6%.