Tornado Alley (PROG)

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Trump Media stock slumps after reporting $327.6m first quarter loss, costing former president more than $766m

Josh Marcus
Wed, 22 May 2024 at 10:47 am AEST·2-min read

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Despite revenues of fewer than $1m and an active US mobile user base hardly above 100,000 people, the company is valued at more than $7bn, comparable to a large tech company despite rivals like X having hundreds of times more users.

Donald Trump has both benefitted and suffered from his close association with the company.

As the majority owner, the former president earned a roughly $1.8bn stock bonus as a result of the company’s share price performance.

However, Trump Media also experienced a nearly 20 per cent stock price plunge on the first day of Mr Trump’s hush money trial in April.

Mr Trump cannot cash in any of his shares until September, six months after it went public.

https://au.news.yahoo.com/trump-media-stock-slumps-reporting-004749198.html