Trump Media & Technology Group Faces Financial Challenges
Former US President Donald Trump’s media venture, Trump Media & Technology Group, has experienced a significant financial setback following its public debut on the Nasdaq Composite Index.
Financial Losses and Market Performance
- The company launched its primary asset, the Truth Social platform, on March 25 under the ticker “DJT.”
- Within a week, the company’s value plummeted by $4 billion.
- On Monday, the company’s shares dived by 21 per cent, closing at $48.66.
- Despite a 39 per cent drop from its peak, the stock still maintains a 178 per cent surge since the beginning of the year.
Impact on Former President Trump
- Former President Trump, who owns 57 per cent of the company, has seen his paper wealth decrease by $2.5 billion.
- His stake, valued at $6.3 billion at its highest point, now sits at $3.8 billion.
Financial Data and Outlook
- The company reported a $4.1 million revenue last year, up from $1.5 million the previous year.
- However, it also reported a loss of $58 million in 2023, in contrast to a $50 million profit in the prior year.
- Despite financial challenges, Trump Media remains optimistic about its growth and profitability.
Although facing escalating losses and market volatility, Trump Media & Technology Group is determined to navigate through its financial challenges and emerge stronger in the future.