Trump's Truth Social lost $58 MILLION in 2023 and only made $4million before ... trends now
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Donald Trump's media company lost $58 million last year, according to a new media filing, as skeptics said the multi-billion company had the hallmarks of a 'meme' stock.
The company had $4.1 million in revenues for 2023, according to the new filing. That comes after Trump media rocketed to an $8 billion valuation when it mades its debut on the NASDAQ, even as watchdog groups warned it was a meme stock posing ethical concerns.
The company was valued at about $7.5 billion Monday morning following the release of the report, with share prices down in the low 50s, after peaking at nearly $75 last week.
The stock was trading at nearly $60 per share at the start of trading after the Easter holiday, then dropped to a low of $53, with a drop of about 15 per cent.
