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(Reuters) -Shares of Donald Trump's social media company plunged 21% on Monday, wiping out the gains from its debut last week, after disclosing millions in losses and saying it would struggle to meet its financial liabilities going forward. Trump Media & Technology Group lost more than $58 million in 2023, it said in a filing, sending shares reeling less than a week after the Truth Social parent went public through a high-profile blank-check merger. The stock surged in its March 26 debut to close at nearly $58 a share on retail buyer enthusiasm, including supporters of Trump, the likely Republican nominee in 2024's presidential election. ....
The company posted a net loss of $58.2 million in the year ended December 2023, compared with a net profit of $50.5 million a year earlier. "As of December 31, 2023 and 2022, management had substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG," the company said. Trump Media said it expects to incur operating losses and negative cash flows from operations for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers. ....
The company posted a net loss of $58.2 million in the year ended December 2023, compared with a net profit of $50.5 million a year earlier. "As of December 31, 2023 and 2022, management had substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due, including liabilities related to promissory notes previously issued by TMTG," the company said. Trump Media said it expects to incur operating losses and negative cash flows from operations for the foreseeable future, as it works to expand its user base, attracting more platform partners and advertisers. ....