Trump Media stock closes 21% lower after company reports $58 million loss for 2023

The share price of Trump Media closed trading 21.47% lower on Monday, hours after the social media app company tied to former President Donald Trump reported a net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media & Technology Group shares plunged by more than 25% around 1:08 p.m. The SEC filing shows that in 2022, Trump Media had a net profit of $50.5 million and total revenue of only $1.47 million. This refers to how Trump Media convertible promissory notes were valued, the report said. As of Monday, Trump Media said these "identified material weaknesses continue to exist."