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Donald Trump's wealth decreases by $1 billion as Truth Social's value drops following a reported $58 million loss
The stock value of Truth Social, owned by ex-President Donald Trump, plunged by more than 11% after SEC documents disclosed a $58 million loss in 2023. Despite its status as a meme stock, Truth Social has been succeeding impressively in the stock market, possessing a valuation of $7.5 billion even after the 11% drop.
Donald Trump's venture into the realm of social media was financially impacted last year, as his firm, Trump Media & Technology Group Corp., disclosed a loss exceeding $58 million, based on documents made public on Monday.
The company's share price has been significantly increasing, a stark difference to the loss it incurred, even though it only made a humble income of $4.1 million for the whole year.
The submission gave a recent report on the firm's financial condition after concluding its blank-check transaction the previous week. Trump Media's shares, which have attracted interest from individual investors as a "meme stock," saw an 11% decrease in early market activity, but the firm's worth stayed close to $7.5 billion. Due to this 11% decrease, Trump's private stake in the company decreased by slightly more than $1 billion.
Although Trump possesses a 57 per cent majority share, estimated to be worth around $4.25 billion, he can't instantly offload his stocks because of a six-month hold agreement. This restriction makes it difficult to ease his existing financial pressure.
The paperwork indicated a minor growth in Trump Media's revenue from $1.47 million in 2022, despite the company experiencing a yearly loss. This is quite different from the profit of $50.5 million made in 2022, which was mainly due to an adjustment in the worth of its exchangeable securities.
Last week, Trump's media business came into existence after merging with Digital World Acquisition Corp. This merger injected more than $275 million into the company, offering crucial financial assistance. Before this merger, Trump Media had voiced worries about potential bankruptcy.
Trump is presently dealing with legal problems, encompassing four criminal cases. The initial trial is slated to begin on April 15, with accusations that he manipulated business documents to hide payments made 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 exaggerated his wealth via banking activities.
(Incorporating information from various sources)
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