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You are here News Journalism & Media Trump’s stake in Truth Social falls by $1bn after company reveals $58m loss

Trump’s stake in Truth Social falls by $1bn after company reveals $58m loss

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Truth Social tanks

The value of Donald Trump’s stake in Truth Social fell by more than $1bn on Monday after the social media company revealed it lost $58.2m last year and an auditor disclosed “substantial doubt” over its ability to continue operating.

Shares in Trump Media & Technology Group, the owner of Truth Social, dropped 21.5% as investors scrutinized the fundamentals of its business.

The former president’s vast stake in the firm was worth about $4.88bn on paper after its extraordinary stock market debut last week . After Monday’s sell-off, it was valued at about $3.83bn.

Trump Media generated sales of just $4.13m in 2023, according to regulatory filings.

While over $4m in sales marks significant growth from $1.47m in 2022, the previous year, it underlines the small scale of Trump Media’s operation – and the depth of its losses.

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