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Donald Trump's wealth decreases by $1 billion as Truth Social's value drops after announcing a $58 million deficit
Truth Social, owned by ex-President Donald Trump, experienced a drop in its stock value of more than 11% after SEC documents showed a loss of $58 million in 2023. Despite its status as a meme stock, Truth Social has been performing quite impressively in the stock market, maintaining a valuation of $7.5 billion even after the 11% decrease.
Donald Trump's venture into the realm of social media suffered a considerable financial blow last year. His company, Trump Media & Technology Group Corp., disclosed a loss exceeding $58 million, as per the reports published on Monday.
The company's share price has significantly increased, which is quite the opposite of its losses, even though it only made $4.1 million in revenue for the whole year.
The submitted document offered recent insights into the firm's financial health after concluding its special purpose acquisition company (SPAC) transaction last week. Trump Media's shares, which have gained interest from individual investors due to their status as a "meme stock," saw an 11% fall in initial trading. Despite this, the company's estimated worth stayed at approximately $7.5 billion. The 11% decrease resulted in Trump's personal stake in the firm dropping by slightly more than $1 billion.
Even though Trump holds a significant 57 per cent share, estimated to be worth around $4.25 billion, he can't instantly dispose of his shares because of a six-month restriction agreement. This restriction adds complexity to his attempts to ease his present financial challenges.
The report indicated that Trump Media's income experienced a minor rise from $1.47 million in 2022, despite the company suffering a yearly loss. This is quite different from the $50.5 million gain noted in 2022, which was mainly due to a shift in the worth of its convertible notes.
Last week, Trump's media business came into existence after a merger with Digital World Acquisition Corp. This merger infused the company with more than $275 million, offering essential financial backing. Before this merger, Trump Media had voiced worries about potential bankruptcy.
At present, Trump is dealing with legal issues, which involve four criminal lawsuits. The initial trial, 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. Moreover, he was fined $454 million after the New York state attorney proved that he had exaggerated his total assets through banking activities.
(Incorporating information from various sources)
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