Donald Trump’s social media company lost more than $58 million last year

Less than a week after a flashy stock market debut, Donald Trump’s social media company is disclosing that it lost nearly $58.2 million in 2023.

Losses in 2023 for Trump Media & Technology Group whose flagship product is Truth Social mark a stark decline compared with the profit of $50.5 million that the former president’s company reported for 2022, according to a regulatory filing Monday.

Revenue for Trump Media topped just over $4.13 million in 2023, the SEC filing shows, although that’s up from $1.47 million in 2022.