The share price of Trump Media closed trading 21.47% lower on Monday, hours after the social media app company tied to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023.
Trump Media & Technology Group shares plunged by more than 25% around 1:08 p.m. ET before recovering slightly later in the day.
Trump Media’s closing price was $48.66 per share, more than $30 lower than its high of $79.38 per share, which it hit last week on the heels of becoming publicly traded.
Despite Monday’s steep drop, the company’s market capitalization was still nearly $6.6 billion.
But as of Monday’s closing price, Trump’s shares in Trump Media were worth about $3.8 billion, or around $2.5 billion less than they were last week.
R&I _ TP
Crazycat
Article URL : https://www.cnbc.com/2024/04/01/trump-media-lost-58-million-last-year-sec-filing-shows.html