Digital World Acquisition shares have spiked more than 47% since Donald Trump won the GOP caucuses in Iowa earlier this week, even though the former president’s media company Truth Social reported just $1 million in revenue and a $26 million net loss for Q3 2023, Axios reported.
Truth Social has become Trump’s main means of communicating with the masses, but it hasn’t yet leveraged his political popularity into a a financially sustainable business.
Truth Social’s parent company, Trump Media & Technology Group, generated a total of $3.38 million in revenue for the first nine months of 2023. It reported a $49 million net loss during the same period, including Q3.
Meanwhile, Digital World shares were trading Friday morning at $26.41, up 3.24% on the day. Shares had closed at $17.42 on Jan. 12, the last day of trading before Trump won the Iowa caucuses on Jan. 15. Read more.
