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Donald Trump’s social media company lost $58 million last year. Newly issued shares fall

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New York City –

Less than a week after its splashy stock market debut, Donald Trump’s social media company reveals it lost nearly $58.2 million in 2023.

Losses in 2023 for Trump Media & Technology Group — whose flagship product is Truth Social — mark a sharp decline from the $50.5 million profit the former president’s company reported for 2022, according to a filing regulatory filed Monday.

Trump Media’s revenue topped just over $4.13 million in 2023, according to the SEC filing, although that figure is up from $1.47 million in 2022.

After merging with a blank-check company called Digital World Acquisition Corp., Trump Media began trading Tuesday on the Nasdaq under the symbol DJT. It has been a volatile adventure.

Shares of Trump Media soared in their first days of trading – surpassing US$79 at one point on Tuesday – but have since moved closer to their initial offering price of US$49.95. At midday Monday, Trump Media’s stock plunged more than 23 percent to below US$48, meaning many early investors are taking a hit.

Industry analysts have likened the fervor around Trump Media to the meme stock craze, which has notably propelled shares of struggling companies such as GameStop and movie theater chain AMC Entertainment to sky-high highs in 2021.

On Monday, shares of these so-called meme stocks also fell, with GameStop and AMC down more than seven percent and 11 percent, respectively. And Reddit, another company that recently went public and engaged in frenzied meme stock comparisons, fell more than six percent.

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