A Trump Mediaowner of the Truth social network, recorded losses of 58 million dollars in 2023. According to the results released this Monday, the company’s revenues stood at 4.1 million in the year to dateabove the 1.47 million registered in the previous year, according to Bloomberg.
Even so, despite the increase in turnover, the net result was much lower than that recorded in the previous year, since in 2022 it recorded profits of 50.5 million, in a year marked by a change related to the value of convertible bonds.
Despite the calculations for last year, the company, which debuted on the stock exchange last Tuesday, has a market capitalization of around 7.5 billion dollars. This is despite the 12% drop recorded at the start of this Monday. The shares are currently worth around $53.
The owner of Donald Trump’s social network was admitted to negotiation more than two years after the former president of the United States announced that this was his plan. The IPO followed the merger with Digital World Acquisition – a “special purpose acquisition company” (SPAC), or blank check – which allows smaller companies to enter the stock market more easily and at lower costs, in 2021.
Donald Trump owns around 57% of the company, which, taking into account today’s share price, is equivalent to around 4.25 billion dollars.
On the day it debuted on the stock exchange, Trump Media saw, at one point, the shares soared by more than 58%, with the company’s valuation surpassing 8.9 billion dollars.
