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Trump Media stock falls more than 21% after company discloses $58 million loss for 2023
Less than a week after a flashy stock market debut, Donald Trump’s social media company has disclosed that it lost nearly $58.2 million last year, sending its stock tumbling more than 21%.
After merging with a blank-check company called Digital World Acquisition Corp., Trump Media began trading March 26 on the Nasdaq stock market under ticker symbol DJT. Industry analysts have compared the fervor around Florida-based Trump Media to the meme stock craze, which notably boosted shares of struggling companies such as GameStop and the movie chain AMC Entertainment to exorbitant heights in 2021. In addition to four criminal cases — which each come with their own expensive lawyers — Trump faces a$454 million-plus civil fraud penalty after a New York state judge ruled that he and others at his company had schemed for years to dupe banks, insurers and others by inflating his wealth on financial statements.
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