USA: 58m euros losses in Trump’s media in 2023 – 21% fall in their share

The former president’s media company damaged $58 million last year (about 54m euros today) at a turnover of approximately US$4 million, Handelsblatt notes. The data he published yesterday (01.04. 24) the company in Donald Trump’s media, Trump Media & Technology Group (TMTG) show at least an improvement in revenue compared to nearly $1.5 million in 2022. At the time, there was still an annual profit of $50.5 million thanks to a tax discount. The company manages Trump Truth Social’s social networking network. Evidence suggests that the service is still struggling to attract advertising revenue. Nevertheless, the company’s share price increased significantly in its stock debut last week, making Trump richer by several billion dollars, at least on paper. The company now warned that it may run out of money due to the high losses in its current activity. This is a formal mandatory warning to investors in the US, which is not necessarily followed by bankruptcy. After publishing the data yesterday (01.02. 24), share price dropped by 21%. Trump holds 57% of the media company’s shares and has lost a billion dollars in assets as a result of the fall in share price, as the Bloomberg agency estimated. His share is now worth $3.8 billion. The stock is listed on the stock exchange with the abbreviation DJT – in reference to Trump’s initials. In recent weeks, the stock has carried out a notable rally and has been still rising 179% since early January. TMTG chose a short route to the stock exchange, merging with a listed shell company. On Wall Street, this structure is called Spac. Trump cannot yet sell his shares, as he is bound by the occupation periods. 77-year-old Trump wants to return to the White House on behalf of the Republicans in November.