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Trump Media stock falls 21 per cent after disclosing USD58M loss

NEW YORK (AP) – Less than a week after a flashy stock market debut, Donald Trump’s social media company on Monday disclosed that it lost nearly USD58.2 million last year, sending its stock tumbling more than 21 per cent.

Losses in 2023 for Trump Media and Technology Group – whose flagship product is Truth Social – mark a stark decline compared with the profit of USD50.5 million that the former president’s company reported for 2022, according to a company filing with securities regulators.

Revenue for Trump Media came in at USD4.1 million in 2023, the SEC filing shows, although that’s up from USD1.5 million in 2022.

After merging with a blank-check company called Digital World Acquisition Corp, Trump Media began trading on March 26 on the Nasdaq stock market under ticker symbol DJT.

And it’s been a volatile ride.

Trump Media’s shares soared in their first couple days of trading – surpassing USD79 at one point – but have since fallen closer to their initial offering price of USD49.95.

The company’s stock closed at USD48.66 after Monday’s sell-off, meaning a lot of early investors are taking a hit.

Pedestrians walk past the Nasdaq building in New York, United States. PHOTO: AP