Trump Media plunges more than 25% after company reports net loss of $58 million in 2023

• Shares in Trump Media & Technology Group fell sharply after the company reported a net loss of $58 million in 2023.
• The newly publicly traded social media company of former President Donald Trump had total revenue of just $4.1 million last year, according to a filing with the Securities and Exchange Commission.
• A year earlier, Trump Media & Technology Group reported a net profit of $50.5 million and total revenue of only $1.47 million, according to the 8-K filing.
• "TMTG expects to incur operating losses for the foreseeable future," says the filing by the company, which has a market valuation of more than $6.5 billion.
• Trump Media, which trades under the ticker DJT on the Nasdaq, owns the Truth Social app.

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 owner of the Truth Social app routinely used by the former president — could continue for some time,