Reported Earlier, 'Trump Media Plunge More Than 20% After Company Reports Net Loss Of $58M In 2023' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Trump Media Technology Group (TMTG), trading under the ticker DJT on Nasdaq, reported a significant net loss of $58 million in 2023, a stark contrast to its net profit of $50.5 million in 2022. The company, which owns the Truth Social app, saw its shares fall by over 20% following the announcement. Despite the loss, TMTG's market capitalization remained above $6.8 billion. The company warned of ongoing operating losses and disclosed material weaknesses in its financial reporting. Trump owns 57.3% of TMTG shares, with the potential to receive more based on stock performance.
April 01, 2024 | 4:36 pm
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NEGATIVE IMPACT
Trump Media Technology Group reported a $58 million loss in 2023, leading to a sharp decline in its stock price by over 20%. The company, owner of Truth Social, faces ongoing operational losses and has disclosed material weaknesses in financial reporting.
The significant net loss reported by Trump Media Technology Group for 2023, compared to a net profit in the previous year, along with the disclosure of material weaknesses in financial reporting, has led to a sharp decline in its stock price. The company's warning of ongoing operational losses further contributes to a negative outlook for the stock in the short term. The high relevance and importance scores reflect the direct impact of these financial results and disclosures on investor perception and the company's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100