Trump Media stock falls more than 21% after company discloses $58 million loss for 2023
Headline from Courthouse News Service
Industry analysts have compared the fervor around Florida-based Trump Media to the meme stock craze, which notably boosted shares of struggling companies like GameStop.
Courthouse News Service's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Trump Media, whose majority shareholder is former President Donald Trump, “expects to incur operating losses for the foreseeable future,” the filing says.
Industry analysts have compared the fervor around Florida-based Trump Media to the meme stock craze, which notably boosted shares of struggling companies like GameStop.
Share prices for Trump Media took a nose-dive on Monday after the owner of the Truth Social app revealed it recorded a net loss of more than $52 million on scant revenues of $4 million last year.
Losses in 2023 for Trump Media & Technology Group 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.
Trump Media, whose majority shareholder is former President Donald Trump, “expects to incur operating losses for the foreseeable future,” the filing says.
Stock in the parent company of former president Donald Trump's social media platform sank on Monday, after the company reported losing $58 million last year. That erased last week's market gains.
Shares of Trump Media & Technology Group lost more than one-fifth of their value Monday after the parent company of former President Donald Trump's Truth Social site reported a $58 million loss in 2023, versus a profit of $50.5 million the previous year.
Shares of Trump Media & Technology Group, the parent company of former President Trump's Truth Social, fell Monday after the company reported nearly $60 million in losses for 2023.
Donald Trump’s social media company lost a whopping $58 million in fiscal 2023 – a result likely to fuel skepticism about a wild public trading debut that led experts to dub it another “meme stock” like AMC and GameStop.
