Trump Media & Technology shares fell sharply in trading on Monday after the company that owns the social media platform Truth Social reported an annual loss.
The company's shares, traded on the Nasdaq under the symbol DJT, fell 24.45% to $46.80, after touching $45.26 earlier in the session.
The company disclosed in a regulatory filing today that it recorded a net loss of $58.2 million and revenue of $4.1 million in 2023, with most of the loss coming from interest expenses of $39.4 million.
However, the stock is still up 27% since Trump Media merged with Digital World Acquisition, a special purpose acquisition company, on March 25.
But the stock's current value compares to more than $79 it hit at one point in trading last week, which pushed the company's market value to $9.5 billion compared to less than $6.5 billion now.
TMTG expects to incur operating losses for the foreseeable future, says the filing, which comes a week after the company began trading under the ticker DJT on the Nasdaq.
The filing also warns shareholders that former US President Donald Trump's involvement in the company could put it at greater risk than other social media companies.
TMTG also disclosed to regulators that the company identified material weaknesses in its internal control over financial reporting when it prepared a prior financial statement for the first three quarters of 2023.
As of Monday, Trump Media said the identified material vulnerabilities still exist.
Trump owns 57.3% of Trump Media, a stake valued at more than $4 billion.
