Trump Media & Technology Group lost more than $58 million in 2023, it said in a filing, sending shares reeling less than a week after the Truth Social parent went public through a high-profile blank-check merger.
The stock surged in its March 26 debut to close at nearly $58 a share on retail buyer enthusiasm, including supporters of Trump, the likely Republican nominee in 2024’s presidential election. But Monday’s disclosure reversed that trend, sending shares down $13.30, or 21%, to $48.66.
“Truth Social was overvalued and that reality is dragging down the stock. Because the service does have not have a clear path to profitability and its revenues are meager, its high debut was unsustainable,” said Ross Benes, analyst at Insider Intelligence.
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