Former President Donald Trump, the majority shareholder, saw his net worth drop by over $1 billion after he revealed his social media platform lost $58 million in 2023.
Shares of Trump Media & Technology Group, owner of Truth Social, plummeted on Monday after revealing a loss of over $58 million with minimal revenue in 2023.
Truth Social’s Revenue Stats
According to regulatory filings, Trump Media reported a loss of $58.2 million in 2023, contrasting with a profit of $50.5 million in 2022.
Revenue was a mere $4.1 million, though up from $1.5 million in 2022. However, fourth-quarter revenue fell 39% year-over-year to $751,500, disappointing investors.
Although Trump Media shares fell 21% on Monday, they remain up nearly 200% this year.
Donald Trump owns a commanding stake in the social media company worth about $3.8 billion.
Experts believe that questions still persist about Truth Social’s ability to sustain operations, especially with declining user numbers on Truth Social.
