Truth Social parent company lost $58 million in 2023
The parent company of former President Trump’s Truth Social platform lost $58 million in 2023, according to new regulatory filings.
Trump Media & Technology Group, which went public last week, generated about $4.1 million in revenue last year, with a little more than $750,000 coming in during the fourth quarter, a Securities and Exchange Commission (SEC) filing showed.
The company spent roughly $16 million on operating expenses and $39.4 million on interest expenses, according to the filing.
Trump Media had a strong stock market debut, with shares rising as high as $79.38 on its first day of trading. By Thursday, the last day of trading for the week before the Easter holiday, the company’s stock had settled around $62 a share.
As of Monday morning, shares in Trump Media had fallen to about $53.
Given Trump Media’s lackluster performance in 2023, many financial experts have characterized it as a “meme stock,” driven more by enthusiasm for the former president than by the company’s actual performance.
Trump owns roughly 58 percent of Trump Media, meaning he stands to make billions of dollars from the newly public company.
However, it took years for the former president’s media company to go public, after first launching merger talks with the “blank check” company Digital World Acquisition Corp. in October 2021.
The merger suffered multiple setbacks. A former Digital World board member and two others were charged with insider trading, and the company was fined $18 million by the SEC for allegedly misleading investors and the agency.
As the merger neared the finish line last month, Trump Media and Digital World also faced several lawsuits from former company leaders.