Share values for Donald J. Trump’s social media company, Trump Media & Technology Group, plummeted on Monday after a regulatory filing revealed that the business lost $58 million last year, on just over $4 million in revenues.
The plunge cancels out the gains seen by the company after last week’s stock market debut. In the first two days, the stock soared more than 30%. However, the value fell more than 6% on Thursday and another 21% on Monday.
The value of Trump’s stake in the company was at more than $5.2 billion during the first two days of trading. However, with the losses, it’s now worth $3.8 billion. The regulatory filing also confirmed that the former president, along with other insiders, cannot sell their shares for six months.
