Trump Media Group Reports $58M Loss, Shares Plummet in Stock Market
Monday, 1 April 2024, 17:24
Trump Media Group Reports $58M Loss
Former President Trump's social media company, Trump Media & Technology Group, suffered a $58 million loss in 2023, as disclosed in regulatory filings.
Stock Price Plunge
Shares of the company plunged by approximately 24 percent, settling at around $47 per share shortly after the news.
Financial Performance
- Trump Media generated $4.1 million in 2023 revenue.
- Operating expenses amounted to $16 million, with interest expenses reaching $39.4 million.
- The company anticipates further losses in the foreseeable future.
Trump Media is focusing on expanding its user base and attracting more partners and advertisers to drive profitability in the long term.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.