Trump's Truth Social lost $58 MILLION in 2023 and only made $4million before its $8billion valuation, SEC filing reveals

Donald Trump's media company lost $58 million last year, according to a new media filing, as skeptics said the multi-billion company had the hallmarks of a 'meme' stock. 

The company had $4.1 million in revenues for 2023, according to the new filing. That comes after Trump media rocketed to an $8 billion valuation when it mades its debut on the NASDAQ, even as watchdog groups warned it was a meme stock posing ethical concerns.

The company was valued at about $7.5 billion Monday morning following the release of the report, with share prices down in the low 50s, after peaking at nearly $75 last week. 

The stock was trading at nearly $60 per share at the start of trading after the Easter holiday, then dropped to a low of $53, with a drop of about 15 per cent. It fell below $50 after noon trading.

Former President Donald Trump's stake in Trump Media is valued at more than $4 billion. But he is prevented from selling his shares within a six-month lock-up period

That came after a weekend where Trump was busy posting on Truth Social more than 70 times, from a post wishing a 'happy Easter' to his political enemies to ones attacking the judge in his New York fraud trial and the daughter of the judge presiding over the Stormy Daniels case.

The company began trading last week under the ticker DJT – Trump's initials – after its merger with Digital World Acquisition Corp.

By contrast, Reddit, the tech company that went public days before Trump's firm, had about $800 million in revenue. 

Trump's Truth Social platform 277,000 visitors Tuesday when it debuted. It had about 5 million monthly users in February, according to research company Similarweb, compared to about 2 billion for TikTok.

Trump owns about 57 per cent of the company, although he is locked out of selling shares for a period of six months, unless the company's board stacked with Trump loyalists votes to allow a sale.

The stock's price dropped steadily Monday morning

Others who have entered 'lock-up' agreements include longtime Trump aide Dan Scavino, former Rep. Devin Nunes – who is the company CEO, Donald Trump, Jr., and former Pentagon aide Kash Patel.

Board members who could green light sales include wrestling exec Linda McMahon, Patel, and former US Trade Rep. Robert Lighthizer, although any move could expose them to lawsuits if they are found not be to be acting in the interests of shareholders.

Trump's still-massive stake comes as he faces ongoing financial pressures amid his four criminal trials. A New York appeals court slashed his court award to $175 in his fraud trial and gave him 10 day to pay the amount pending his appeal or otherwise obtain bond. The deadline comes this week.