Trump's Truth Social shares plummet by 21% after financial filings revealed the ... trends now
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Donald Trump experienced a stunning paper loss of $1 billion on his Trump media stock Monday, after a filing revealed it lost $58 million last year.
Stock in Trump Media was trading at $48 per share Tuesday morning – a drop of 32 percent from its price five days ago.
It dropped 21 percent in a single day of trading Monday, as investors processed new details of the company's financials amid chatter that it is the latest 'meme' stock to capture market interest.
Trump still held a multi-billion stake in the company. But at current prices, it's value was still running 1,500 times its revenue, which stood at just $4 million last year.
Its latest filing also included a warning from an auditor that its 'operating losses raise substantial doubt about its ability to continue as a going concern,' CNBC reported.
Company CEO former Rep. Devin Nunes, who has 115,000 shares in the company for a stake worth $5.6 million as of Tuesday morning, talked up the company in a Monday statement.
'We are excited to be operating as a public company and to have secured access to capital markets. Closing out the 2023 financials related to the merger, Truth Social today has no debt and over $200 million in the bank, opening numerous possibilities for expanding and enhancing our platform. We intend to take full advantage of these opportunities to make Truth Social the quintessential free-speech platform for the American people.'
Former President Donald Trump's stake in Trump Media is valued at more than $4 billion. But he is prevented from selling his shares within a six-month lock-up period
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
