Shares in Trump Media fell after the show revealed it lost $58m last year | Donald Trump News


The company debuted on the stock market last week, giving Trump hope amid the financial crisis.

Shares of former President Donald Trump’s Trump Media & Technology Group it went up last week after the first appearance on the stock market in the United States.

But the revelation that the company will lose about $58.2m in 2023 sent the stock tumbling, down 23 per cent since Monday.

The first uneventful week, which came after the merger with the shell company Digital World Acquisition Corp, confirmed the uncertainty of the business that the former president can rely on to save money.

Trump face mounting legal penalties and court costs, as he faces four felony charges and a series of civil charges. He is running for president again in the November election, and legal fees are draining his campaign coffers.

Trump Media’s stock began to perform well on March 26, boosted by retail buyers, including some aides to the former president. It closed up 16 percent at around $58 a share on its first day of trading.

However, Monday’s disclosure saw shares drop by $14.45 to $47.51.

The disclosure is part of an 8-K filing with the federal Security and Exchange Commission (SEC), designed to update shareholders on recent events affecting the company and its assets.

The proposed rate cut will come at a difficult time for Trump, who is facing a the deadline is approaching to post $175m bail in a New York civil fraud case.

His security team said the original $464m bond was too high – and the former president could not get underwriters to post the money. The amount was reduced on appeal.

The Trump Media merger last week offered hope, however, for financial inclusion. The deal is expected to boost Trump’s fortune by $3bn, although he will not be able to sell his shares for up to six months after the deal.

However, experts said that the price hike could help the Trump administration persuade the company to write down its bonds in the future.

Mr Trump said he would provide $175m by Thursday’s deadline, although he did not.

New York Attorney General Letitia James said the office is organized to start confiscating Trump’s property if he doesn’t pay.

Last month, Trump also sent more than $91m, while requesting a defamation judgment in a lawsuit filed by author E Jean Carroll.

Despite the decline in Trump Media assets, the company had a market value of $6.3bn on Monday, and Trump is expected to own between 58 percent and 69 percent of the company.

The company is still facing separate lawsuits against its co-founders, Wesley Moss and Andrew Litinsky. He accuses Trump Media of trying to cheapen them wrongly.

The company, however, said the two failed to get their shares. It wants to strip them of their ownership and wants a judge to declare that they don’t have the right to appoint two board members.

Trump Media owns the social media site Truth Social, which Trump co-founded in 2021 after being suspended from programs like Twitter, now known as X.


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