On Monday, shares of Trump Media & Technology Group (DJT) plummeted more than 14% following the disclosure that the company had suffered a loss of over $58 million in 2023. Additionally, it was revealed that the company had only generated $4.1 million in revenue for the entire year. Despite this news, former President Donald Trump still holds a 57% stake in the company. However, he is currently bound by a six-month lock-up agreement which prohibits him from selling his stake right away. As of 11:33 am ET on Monday, DJT shares were down by 15.75%, trading at $52.20 per share. Last week, the stock had surged to over $79 in intraday trading after finalizing its blank-check deal.
According to filings with the US Securities and Exchange Commission, last year Trump Media’s revenue did increase from the $1.47 million reported in 2022 to $4.1 million in 2023 despite struggles faced in that year and despite posting a loss of over $58 million during that time frame . The increase in revenue was largely due to a change in the value of its convertible notes from $696 million to $869 million . In spite of this progress , DJT’s stock price has been affected negatively following this latest announcement .
:quality(75)/cloudfront-us-east-1.images.arcpublishing.com/elcomercio/QO2GMZT3QZCDXB3UP6ZFPC2YOY.jpg)
