The actions of Trump Media (TMTG)the parent company of the social network Donald Trumpplummeted 20% this Monday in the middle of the session in Wall Street after reporting a net loss of $58.2 million in 2023.
The company posted revenue of $4.1 million in 2023, according to a report filed today with the Securities and Exchange Commission (SEC) of EU
Additionally, in the report, TMTG reported that it expects to make “operating losses for the foreseeable future” and acknowledged that it has “material weaknesses” in its internal control over financial reporting.
Despite the fall, the market capitalization of Trump Media – which trades under the acronym DJT – was still $7 billion this Monday.
TMTG, a merger between Truth Social y Digital World Acquisition Corp (DWACa company instrumental in promoting stock market operations), began trading on Wall Street last Tuesday, and on its first day on the stock market saw its shares shoot up 54%.
As a result of its IPO, Trump – who has a 58% stake in TMTG – achieved a net worth of more than $4 billion and rose to 377th place on the list Bloomberg of billionaires.
In the report, the company indicates that it faces “greater risks than typical media platforms,” due, in part, to the participation of the former US president. EFE (I)
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