On Monday, shares of Trump Media & Technology Group (DJT) plummeted over 14%, following the company’s announcement of a $58 million loss in 2023. Despite this setback, the company reported a minimal revenue of $4.1 million for the year. As of 11:33 am ET on Monday, DJT shares were down 15.75%, trading at $52.20 per share.
Trump Media’s revenue for 2023 increased from the $1.47 million reported in 2022, with a profit of $50.5 million largely due to a change in the value of its convertible notes. However, this growth was not enough to prevent the company from experiencing a significant loss in 2023, which has caused investors to lose confidence in the stock’s future performance.
Former president Donald Trump holds a 57% ownership in the company but is unable to sell his stake immediately due to a six-month lock-up agreement. Despite this restriction, investors are likely looking for signs that he will be able to divest himself of his stake and move on from his role as CEO before investing further in the company.
The decline in DJT shares came after news broke that former president Donald Trump had been implicated in an illegal scheme involving campaign finance violations and bribery charges by federal prosecutors last week
