Trump Media & Technology Group (DJT) lost $58m last year, shares sink
Trump Media & Technology Group (NASDAQ: DJT) shares tumbled more than 14% Monday after the company disclosed it lost more than $58 million in 2023.
In addition, it was revealed the company generated only a small amount of revenue, $4.1 million for the full-year.
DJT shares are down 15.75% as of 11:33 am ET on Monday, trading at $52.20 per share. Last week, the stock climbed over $79 in intraday trading after it closed its blank-check deal.
According to filings with the US Securities and Exchange Commission, Trump owns a 57% stake in the company. However, due to a six-month lock-up agreement, he is unable to sell his stake immediately.
Trump Media’s revenue in 2023 rose from the $1.47 million reported for 2022. The company posted a $50.5 million profit in 2022, which was boosted by a change in the value of its convertible notes.
By Sam Boughedda