Trump Media plunges more than 25% after company reports net loss of $58 million in 2023
The share price of Trump Media plunged Monday after the social media app company closely tied to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media & Technology Group shares were trading down by more than 25% around 1:08 p.m. ET. Despite that plunge, the company's market capitalization was still more than $6.8 billion after its 8-K filing with the Securities and Exchange Commission revealed the loss for last year. Much of the net loss appears to come from $39.4 million in interest expense, according to the filing. A spokesperson for the company did not immediately reply to a request for comment on the new filing. The filing shows that in 2022, Trump Media had a net profit of $50.5 million and total revenue of only $1.47 million. The company ended 2023 with just $2.7 million in cash on hand, the filing said. The losses last year by Trump Media — the ow
