Trump’s Truth Social reveals $58m loss as auditor raises doubts about viability
Shares in Donald Trump’s Truth Social dropped by as much as 25% on Monday after the social media company revealed it lost $58.2m last year and an auditor disclosed “substantial doubt” over its ability to continue operating.
An extraordinary stock market debut last week left Trump Media & Technology Group valued at more than $7bn. But it generated sales of just $4.13m in 2023, according to regulatory filings.
While over $4m in sales marks significant growth from $1.47m in 2022, the previous year, it underlines the small scale of Trump Media’s operation – and the depth of its losses.
BF Borgers of Colorado, an auditor for the company, said the losses “raise substantial doubt about its ability to continue as a going concern”, according to Monday’s filings.
Shares in the group – and Digital World Acquisition, the shell company with which it merged to go public – have been surging since the turn of the year.
