The stock’s price slumped 15 percent.
Former president Trump addresses a crowd at a rally in Rome, Ga., last month. Former president Trump’s social media company made just over $4 million in revenue last year, despite a highflying stock market debut last week that sent the company’s value soaring to more than $8 billion.Monday that the company lost more than $58 million last year. Its revenue in the last quarter of the year dipped below $1 million, down from its previous quarter’s earnings of about $1.07 million.
The new financial figures throw into stark relief the gap between Trump Media’s highly hyped investor-driven valuation on the public stock market and the reality of its business performance.Reddit, the discussion-board service that recently went public and whose shares are trading at lower prices than Trump Media, made more than $800 million in revenue last year.
Trump invested no money in the company and owns about 60 percent of it — a stake worth about $4.6 billion. SEC filings last week said Trump was given 78 million shares of the company and stood to earn millions more over the next three years if the stock stayed above $12 to $17.Trump can’t sell the shares for six months due to a provision in the company’s merger agreement, known as a lockup, unless the company’s board approves it.
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