The value of former President Donald Trump's social media company plummeted Monday after it reported $58.2 million in losses last year.
The price of shares in Trump Media & Technology Group, which owns the Truth Social website, nosedived more than 25% in response to a Securities and Exchange Commission filing that said the company generated just $4.1 million in total revenue last year, according to CNBC.
"TMTG expects to incur operating losses for the foreseeable future," the filing said.
The developments came a week after the company - which trades using the ticker symbol DJT - began trading on the Nasdaq stock market, where investors had pushed its value to more than $8 billion.
Monday's news cost Trump about $1 billion in wealth derived from his 57% ownership stake, the Washington Post said.
Much of his company's losses last year appeared to come from $39.4 million in interest payments, according to CNBC.
Trump, the presumptive Republican challenger to Democratic President Joe Biden in November, received 78 million shares of the company without investing any money and stands to earn tens of millions more if the stock price stays above $12 to $17, according to the Washington Post.
Trump Media's stock price recovered slightly from a mid-afternoon low of about $45 and closed the day at $48.66, down more than 21%.
A Trump Media spokesperson didn't immediately respond to a request for comment, CNBC said.
