Trump Media auditor warns losses raise doubt about company
An auditor has raised doubts about the ability of former President Donald Trump's publicly traded company to stay in business, according to a new regulatory filing.
An auditor has raised doubts about the ability of former President Donald Trump's publicly traded company to stay in business, according to a new regulatory filing.
Trump Media and Technology Group, which operates the Truth Social platform, reported it lost $58.2 million in 2023 while generating total revenues of $4.1 million, according to the Monday filing with the Securities and Exchange Commission. Trump Media listed its largest expense for the year as interest payments totaling more than $39 million.
The filing includes a note from an independent accounting firm, Colorado-based BF Borgers CPA PC, warning that Trump Media's "operating losses raise substantial doubt about its ability to continue as a going concern." In a separate filing Monday, Trump Media cited the auditor's analysis in describing the risks facing the business. Borgers has worked with Trump Media since 2022.
The note is dated March 25, the day before Trump's company started trading on the Nasdaq stock exchange under the symbol DJT, surging at first and earning comparisons to so-called meme stocks.
Shares of the company fell more than 21% to $48.66 on Monday. Its market value stood at more than $6.5 billion.
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