For those who swear by Trump being so great for the American economy, here’s something for your bingo card today. His shares of Truth Social just plummeted. That’s his social media app, with the ironic name that he owns and uses to regularly rage over, well, anyone that stands in his way, starting with the “radical liberals” and the witch-hunting ‘insert prosecutor’ in any of his criminal cases. H
ere’s how it all went down, quite literally. CNN reported that Trump Media & Technology Group just disclosed that it lost more than $58 million and only generated very little revenue in 2023, like $4.1 million for the entire year. Comparatively, the same company allegedly profited $50.5 million in 2022.
Now, as you can imagine, the former president is the majority shareholder of Trump Media & Technology Group. Hence, after the financial disclosure, his net worth is nose-dived by more than $1 billion today. Donald Trump owns a majority stake of 78.8 million in the newly public company. But the revenue has been in a tailspin, dropping 39% “year-over-year in the fourth quarter to just $751,500,” as CNN reports. That is pretty scary; investors never want to see that from any start-up.
The disclosures of the significant losses are so drastic that Trump Media’s accountants warned they “raise substantial doubt about its ability to continue as a going concern,” which can be taken as Wall Street jargon for: We may not be able to stay in business. One can only hope … they figure it out. Wink. Wink.
The post Trump’s Media Stock Plummets, Dropping His Net Worth by $1 Billion first appeared on The Source.
The post Trump’s Media Stock Plummets, Dropping His Net Worth by $1 Billion appeared first on The Source.