Shares in former President Donald Trump's Truth Social plunged this Monday after news broke that the company behind the platform lost more than $58 million in 2023 while generating very little revenue — seemingly confirming warnings from experts who said the company's multibillion-dollar valuation didn't make sense.
According to a report from CNN, Truth Social's revenue dropped 39 percent year-over-year in the fourth quarter to just $751,500 -- "not what investors want to see from any start-up, especially one valued at these levels."
Unsurprisingly, Trump's critics on X jumped at the news.
"This is what a 'bloodbath' looks like," wrote podcaster Matthew Sheffield, referring to Trump's controversial comments during a speech last week.
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"GREAT NEWS," wrote Democratic influencer Jon Cooper. "The price of $DJT is plummeting faster than a rat down a drainpipe. I don’t feel the least bit sorry for the MAGAt suckers who bought Truth Social stock — how about you?"
"It’s a sinkhole and a non-start of a startup," wrote journalist Kara Swisher. "And an obvious scheme to pump money to Trump."
According to Trump's niece Mary Trump, there is "no universe in which a company with annual revenue of $4.1 million in revenue and LOST $58 million in one year is worth $10 billion."
"The Trump media merger with Digital World Acquisition was meant to be a massive infusion of cash to Donald--a gift masquerading as an investment," she wrote on X.
In a post to X, journalist Bill Grueskin assured his followers that the drop in shares was not an April Fool's joke.
"Never want to hear another word about how Donald Trump is a 'good businessman,'" wrote Biden delegate Victor Shi. "His Truth Social company lost $58 million in a year & its stock is now in complete free fall. He owes hundreds of millions because he’s a fraudster & cheater. Everything Trump touches dies."
