Donald Trump’s net worth tumbled by more than $1 billion Monday as Trump Media shares plunge after the company reported a $58 million net loss in 2023.
In a regulatory filing on Monday, Trump Media the parent company of Trump’s Truth Social platform, said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.
Trump Media made $4.1 million in revenue in 2023 — and roughly $750,000 in the fourth quarter of 2023 — compared to $16 million spent on operating expenses and $39.4 million on interest expenses.
Shares of Trump Media plummeted 21% on Monday following the filings. As the company’s majority shareholder, Trump was hit hard.
According to Forbes, Trump’s net worth dropped by 15.5 percent as he lost more than $1 billion.
Trump Media had a strong stock market debut, reaching a share price of $79.38 on its first day of trading. But experts warned at the time it is reminiscent of the meme stock craze and Monday’s filing underscores that.
The company said in the filing that they “expect to continue to incur operating losses and negative cash flows from operating activities for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers.”
“TMTG’s ability to become profitable and generate positive cash flow depends on TMTG’s success in growing its user base, platform partners, and advertisers,” the company said, adding, “given these uncertainties, TMTG believes it is premature for TMTG to predict when it will attain profitability and positive cash flows from its operations.”
