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Donald Trump's wealth drops by $1 billion as Truth Social declines after posting a $58 million deficit
Truth Social, owned by ex-President Donald Trump, experienced over an 11% decrease in stock price following SEC filings that displayed a $58 million loss in 2023. Although it's considered a meme stock, Truth Social has performed impressively in the stock market, possessing a value of $7.5 billion even after the 11% reduction.
Donald Trump's venture into the social media realm suffered a substantial monetary setback last year, as his firm, Trump Media & Technology Group Corp., disclosed a loss exceeding $58 million, based on the documents released on Monday.
The company's decline is quite noticeable compared to its previously skyrocketing stock value, even though it only made a humble earning of $4.1 million throughout the whole year.
The report offered the latest information on the firm's financial health after finalizing its blank-check transaction a week ago. Trump Media's shares, which have caught the eye of individual investors as a "meme stock," saw an 11 per cent decrease in initial trading. Nevertheless, the firm's worth stayed roughly at $7.5 billion. Trump's personal stake in the company decreased by slightly more than $1 billion due to the 11 per cent fall.
Even though Trump possesses 57 per cent of the majority shares, estimated to be worth about $4.25 billion, he can't promptly offload his shares because of a six-month agreement that locks them up. This restriction makes it challenging to relieve his existing financial pressure.
The documents revealed a minor growth in Trump Media's earnings, going up to $1.47 million in 2022, despite the company suffering a yearly loss. This is remarkably different from the $50.5 million gains documented in 2022, primarily due to alterations in the worth of its convertible notes.
Last week, Trump's media enterprise came into existence after merging with Digital World Acquisition Corp. This merger funneled more than $275 million into the company, offering crucial financial backing. Before the merger, there had been worries within Trump Media about potential bankruptcy.
At present, Trump is dealing with legal issues, including four criminal cases. The initial trial, set to start on April 15, accuses him of tampering with business documents to hide payments given to an adult film actress prior to the 2016 election. Moreover, a fine of $454 million was imposed on him after the New York attorney general convincingly proved that he had exaggerated his wealth through banking activities.
(Incorporating information from various sources)
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