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Trump's media company raises going-concern doubts; shares tumble

Economic TimesEconomic Times · 7m
Trump's media company raises going-concern doubts; shares tumble

Shares of Trump Media & Technology Group have dropped by nearly 18% as the company faces doubts about its financial viability. The parent company of Truth Social, a platform recently launched through a blank-check merger, reported a net loss of $58.2 million for 2023. Revenue increased to $4.13 million, but management expressed concerns about meeting liabilities. Trump Media expects ongoing operating losses and negative cash flows while focusing on growing its user base, attracting more partners and advertisers. The stock initially saw a surge in value but has since experienced volatile trading. Additionally, Trump Media and co-founders Wesley Moss and Andrew Litinsky are involved in a legal dispute over ownership stakes in the company.

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