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Truth Social, owned by ex-President Donald Trump, suffers a $1 billion drop in net worth following a report of a $58 million loss
Truth Social, a company under the ownership of previous President Donald Trump, experienced an over 11% decrease in its stock price after SEC documents disclosed a $58 million deficit in 2023. Despite its status as a meme stock, Truth Social has shown impressive performance in the stock market, maintaining a valuation of $7.5 billion even after the 11% reduction.
Donald Trump's venture into the realm of social media suffered a substantial financial blow last year, as his firm, Trump Media & Technology Group Corp., disclosed a loss exceeding $58 million, based on the reports made public on Monday.
This setback is quite opposed to the company's skyrocketing stock value, even though it only produced a humble income of $4.1 million throughout the year.
The document offered fresh information about the firm's financial health after wrapping up its special-purpose acquisition company transaction the previous week. The shares of Trump Media, which have caught the eye of individual investors and been labeled as a "meme stock," saw an 11% decline in initial trading. However, the firm's worth stayed at roughly $7.5 billion. The 11% decrease resulted in Trump's personal stake in the company losing slightly more than $1 billion in value.
Even though Trump holds a significant 57% stake, estimated to be around $4.25 billion, he can't instantly offload his shares because of a six-month restriction agreement. This constraint makes it difficult to ease his present financial pressure.
The documents submitted indicated a minor rise in Trump Media's earnings, moving up from $1.47 million in 2022, even though the firm experienced a yearly deficit. This is quite different from the $50.5 million in earnings reported in 2022, mainly due to an adjustment in the worth of its convertible notes.
Last week, Trump's media business was launched after it merged with Digital World Acquisition Corp., which infused more than $275 million into the firm, offering crucial financial backing. Before the union, Trump Media had voiced worries about potential insolvency.
At present, Trump is dealing with legal issues, which encompass four criminal charges. The initial case, set to begin on April 15, claims that he manipulated business documents to hide payments given to an adult film actress prior to the 2016 election. In addition, he was fined $454 million after the New York attorney general proved that he had exaggerated his wealth through banking activities.
(Incorporating information from various sources)
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