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Trump's Truth Social loses $4 billion in value in one week, while revealing wider loss (www.cbsnews.com)

submitted 7 months ago by ylai@lemmy.ml to c/usa@lemmy.ml

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[–] autotldr@lemmings.world 8 points 7 months ago

This is the best summary I could come up with:

Former President Donald Trump's fledgling media business is losing its sheen among investors a week after going public, with a sharp reversal in the company's stock price lopping $4 billion off its value.

The plunge in Trump Media & Technology Group's shares, which debuted on the Nasdaq Composite Index on March 25 under the ticker "DJT" (after the former president's initials), comes as it disclosed mounting losses in a regulatory filing.

Shares of Trump Media & Technology Group, whose primary asset is the Truth Social platform, tumbled $14.50, or 23%, to $47.46 in Monday afternoon trading.

To be sure, Trump Media continues to maintain a heady market capitalization for a business that's in the red and that booked just $4.1 million in revenue last year.

Yet Truth Social has positioned itself as an alternative to more established tech giants such as Meta's Facebook, which also endured losses in its early years.

"GameStop was the meme stock of a lifetime, but Trump Media has put it to shame," Michael Pachter, an analyst at Wedbush Securities, told the Associated Press last week.

The original article contains 401 words, the summary contains 179 words. Saved 55%. I'm a bot and I'm open source!