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A decrease of $1 billion in Donald Trump's net worth as Truth Social suffers after declaring a $58mn deficit
Truth Social, owned by ex-President Donald Trump, experienced a more than 11% drop in its stock price after SEC documents showed a $58 million loss in 2023. Despite its status as a meme stock, Truth Social has performed impressively in the stock market, maintaining a valuation of $7.5 billion following the 11% decline.
Donald Trump's venture into the realm of social media experienced a considerable financial setback last year. His firm, Trump Media & Technology Group Corp., reported a loss exceeding $58 million, as per the documents disclosed on Monday.
The company's share price has significantly increased, which is a sharp contradiction to its loss, especially considering it only made a total revenue of $4.1 million for the year.
The document gave a current financial overview of the company after the closure of its blank-check transaction last week. Trump Media's shares, which have gained notice from individual investors as a "meme stock," saw an 11% decrease during initial trading. However, the company's worth stayed approximately at $7.5 billion. Due to the 11% decline, Trump's personal stake in the company decreased by slightly more than $1 billion.
Though Trump possesses a significant 57 per cent ownership, roughly worth $4.25 billion, he can't instantly liquidate his shares because of a six-month lock-in contract. This restriction makes it difficult to ease his present financial pressure.
The document stated that Trump Media's earnings experienced a minor boost from $1.47 million in 2022, despite the company's yearly loss. This shows a difference when compared to the $50.5 million profit noted in 2022, which is largely due to the fluctuation in the worth of its convertible bonds.
Last week, Trump's media enterprise came into existence after merging with Digital World Acquisition Corp. This merger brought in more than $275 million into the firm, offering crucial financial assistance. Before this union, there had been worries within Trump Media about potential bankruptcy.
At present, Trump is dealing with legal obstacles, comprising four criminal lawsuits. The initial lawsuit, set to begin on April 15, accuses him of distorting business documents to hide payments to an adult film actress prior to the 2016 election. Moreover, he was fined $454 million following the New York attorney general's successful proof that he had exaggerated his net worth via bank transactions.
(Incorporating information from various sources)
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