Trump Media plunges more than 25% after company reports net loss of $58 million in 2023
The share price of Trump Media plunged Monday after the social media app company closely tied to former president Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.
Despite that plunge, the company's market capitalization was still more than $6.8 billion after its 8-K filing with the Securities and Exchange Commission revealed the loss for last year.
The losses last year by Trump Media — the owner of the Truth Social app routinely used by the former president — could continue for some time, according to the company.
"TMTG expects to incur operating losses for the foreseeable future," says the filing, which came a week after the company began trading under the ticker DJT on the Nasdaq.
The filing also warns shareholders that Trump's involvement in the company could put it at greater risk than other social media companies.
