Trump Media stock closes 21% lower after company reports $58 million loss for 2023

Key Facts

• Stefani Reynolds | AFP | Getty Images The share price of Trump Media closed trading 21.47% lower on Monday, hours after the social media app company tied to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.
• Earlier in the day Trump Media in its 8-K filing with the Securities and Exchange Commission since it went public through a merger with a shell company, revealed the loss for last year.
• TMTG also disclosed to regulators that the company had identified “material weaknesses in its internal control over financial reporting” when it prepared a previous financial statement for the first three quarters of 2023.
• The new 8-K filing says that Trump Media “may be subject to greater risks than typical social media platforms because of the focus of its offerings and the involvement of President Trump.”

Click To Read Full Article