Truth Social owner Trump Media lost $58 million in 2023

Truth Social owner Trump Media & Technology Group disclosed Monday that it lost more than $58 million and generated very little revenue in 2023.

The figures underscore why some experts warn Trump Media’s multibillion-dollar valuation defies logic and is reminiscent of the meme stock craze.

In a filing on Monday, Trump Media said it lost $58.2 million in 2023, compared with a profit of $50.5 million in 2022.

The Truth Social owner generated just $4.1 million in revenue, although that was up from $1.5 million in 2022.