Trump Media & Technology Group, the owner of Truth Social, disclosed on Monday that it experienced a substantial loss of over $58 million and generated only a small amount of revenue in 2023. These financial figures have raised concerns among experts who question the company's multibillion-dollar valuation, likening it to the meme stock craze.
According to a regulatory filing, Trump Media reported a loss of $58.2 million in 2023, a stark contrast to the $50.5 million profit it made in the previous year. The company's revenue stood at just $4.1 million for 2023, showing a slight increase from $1.5 million in 2022.
