Trump’s Truth Social lost $58 million in 2023, and the stock is taking a hit after initial meteoric rise

By Breck Dumas | FOX Business

Shares of Trump Media & Technology Group (TMTG) plummeted by more than 23% on Monday after the parent company of former President Trump’s Truth Social platform reported it lost nearly $60 million last year.

TMTG, which trades on the Nasdaq under the symbol “DJT,” reported it brought in $4.1 million in revenue in 2023 but had an operating loss of more than $58 million.

The former president’s social media company went public last week through a merger with the use of a special purpose acquisition company, Digital World Acquisition Corp. (DWAC). 

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