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Donald Trump's wealth decreases by $1 billion as Truth Social's value plunges following a reported loss of $58 million
Truth Social, owned by ex-President Donald Trump, experienced an over 11% drop in its share price after Securities and Exchange Commission filings disclosed a $58 million loss in 2023. Even though it's a meme stock, Truth Social has been performing impressively in the stock market, possessing a value of $7.5 billion even after the 11% decline.
Donald Trump's venture into the social media world suffered a substantial financial blow last year. His firm, Trump Media & Technology Group Corp., reported a loss of more than $58 million, as per documents disclosed on Monday.
The company's share price has been skyrocketing, which is a sharp discrepancy given that they only made a slight income of $4.1 million for the whole year.
The recent documents submitted gave new insights into the company's financial health after finalizing its special purpose acquisition company (SPAC) deal a week ago. Trump Media's shares, which have drawn interest from independent investors and are labeled as a "meme stock," saw an 11% decrease in initial trading. However, the company's worth stayed roughly at $7.5 billion. The 11% fall resulted in a slight above $1 billion dip in the value of Trump's personal investments in the company.
Even though Trump holds a significant portion of 57 per cent, worth around $4.25 billion, he can't quickly liquidate his shares because of a six-month restriction agreement. This constraint hinders attempts to ease his present financial pressure.
The documents revealed a minor boost in Trump Media's income, going up to $1.47 million in 2022, despite the firm experiencing a yearly loss. This is starkly different from the net gain of $50.5 million reported in the same year, primarily due to a shift in the worth of its convertible notes.
Last week, Trump's media venture came into existence after merging with Digital World Acquisition Corp. This merger brought in more than $275 million to the company, offering vital financial backing. Before the merger occurred, Trump Media had voiced worries about potential bankruptcy.
Trump is presently dealing with a number of legal issues, including four criminal cases. The initial court case, set to begin on April 15, accuses him of altering business documents to hide money paid to an adult film actress prior to the 2016 election. Moreover, he was made to pay a fine of $454 million after it was proven by the New York attorney general that he had exaggerated his total assets via banking operations.
(Incorporating information from various sources)
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