Trump Media shares fell

actions of trump media (TMTG), the parent company of Donald Trump’s social network, fell 20% this Monday in mid-session on Wall Street after reporting a net loss of $58.2 million in 2023.

The company is projected to generate revenue of $4.1 million in 2023, according to a report filed today with the U.S. Securities and Exchange Commission (SEC).

Additionally, in the report, TMTG stated that it expected to incur “operating losses for the foreseeable future” and acknowledged that there were “material weaknesses” in its internal controls over financial reporting.

Despite the decline, the market capitalization of Trump Media – which trades under DJT – was still $7 billion as of Monday.

Merger between TMTG, Truth Social and Digital World Acquisition Corp. (DWAC, a subsidiary company promoting stock exchange operations), Trading started on Wall Street last TuesdayAnd its shares saw an increase of 54% in the stock market on the very first day.

Following its IPO, Trump – who holds a 58% stake in TMTG – amassed a net worth of more than $4 billion and rose to No. 377 on the Bloomberg list of billionaires.

In the report, the company indicated that it faces “greater risk than typical media platforms” due to the former US president’s involvement.