Shares of former President Donald Trump’s social media company fell precipitously Monday after the company revealed its latest financial results, predictably well below what a typical multibillion-dollar company would deliver.
Trump Media’s stock (ticker $DJT for Trump’s initials) tanked 13% by late morning, trading at about $53 per share, a nearly 35% drop from its $79 peak set last Tuesday on its first day as an independently traded public company.
Trump, who owns 78.5 million shares in Trump Media, about 57% of all outstanding shares, accordingly had his stake in the social media venture slide from its peak of $6.25 billion to Monday’s $4.25 billion.
Monday’s freefall came after Trump Media unveiled its full-year 2023 results for the first time, revealing full-year revenues of $4.1 million on a net loss of $58.2 million, with fourth-quarter sales of roughly $750,000.
The uninspiring results for Trump Media, whose primary offering is the conservative social media platform Truth Social, reveal just how rich the company’s $6 billion market capitalization is compared to other public companies. Trump Media’s 1,470 price-to-sales ratio, which compares a company’s total valuation to its last 12-month sales, is exponentially higher than social media peers Reddit and Snap’s respective 9 and 4 price-to-sales ratios. Though Trump Media is a young company with the theoretical potential to dramatically scale its business, many experts classify it as a meme stock whose rise compares to the 2021 surges from the likes of AMC and GameStop. Trump Media went public last week via a reverse merger with Digital World Acquisition Corp. first announced more than two years ago, and its shares jumped as much as 40% in its debut on the Nasdaq stock exchange.
FORBES VALUATION
Trump’s net worth has more than doubled since the completion of his social media company’s merger with Digital World, sitting at $6.1 billion even after sinking more than $600 million Monday.
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