‘Meme stock’ fell 21% in trading on Monday
Donald Trump’s net worth tumbled by $1 billion along with the shares of his social media business after it disclosed a more than $58 million loss in 2023, as revenue for the former president’s Truth Social platform trickled in.
Trump Media generated just $4.1 million in revenue for the full year, results reported in a filing Monday morning show, underscoring how richly valued it is relative to its peers. The company doesn’t report active user numbers, disclosing in its prospectus in February only that Truth Social has about 9 million signups across its platforms.
Mr Trump currently faces legal troubles including four criminal prosecutions. The first criminal trial — alleging he falsified business records to conceal hush money payments to a porn star before the 2016 election — is set to start April 15th. He also faces an April 4th deadline to post a $175 million bond after the New York attorney general proved at trial that he’d inflated his net wealth by billions of dollars a year in bank transactions. He is appealing the judgment.
Unlike traditional social-media companies that tout metrics like active users or revenue per user, Trump Media “believes that adhering to traditional key performance indicators” could “divert its focus from strategic evaluation with respect to the progress and growth of its business,” according to the prospectus. When regulators inquired about Truth Social’s number of signups and users, the company pushed back, and ultimately disclosed only the signups, filings show.
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