Todd Spangler NY Digital Editor Shares of Trump Media & Technology Group, the operator of the Truth Social social network positioned as a “safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations,” were down more than 14% in trading Monday morning.
That came after TMTG disclosed that it was issuing up to 21.49 million new shares of common stock, which would dilute the value of existing shareholders.
The continued sell-off of TMTG stock comes after the company as of April 12 had lost about half of its value since it began trading March 26 following its merger with special purpose acquisition company Digital World Acquisition Corp. (DWAC).
Trump Media had full-year 2023 revenue of $4.13 million, an operating loss of $15.97 million and a net loss of $58.19 million, according to an 8-K filing April 1 with the SEC.
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