Trump Media shares keep tumbling after reporting staggering first-quarter losses
Trump Media shares continued tumbling a day after the former president's tech company reported a net loss of $327.6 million on just $770,500 in revenue in the first quarter of 2024.
Shares fell by more than 10 percent Tuesday after the company, whose majority shareholder is Donald Trump, revealed staggering losses in its first earnings report since its stocks began public trading in March through a merger with a shell company, reported CNBC.
The first-quarter loss equals out to a net loss of of $3.61 per share attributable to common stockholders.
Trump Media reported that most of its revenue came through its “nascent advertising initiative" and insisted the company was focused on long-term product development instead of quarterly revenue.
Share prices have seesawed since public trading began in late March, when it hit a high of more than $79 per share, but it has eroded for weeks to its $44 value as of Tuesday morning.
The company currently boasts a market capitalization of about $6 billion.