Former President Donald Trump’s net worth fell by $1 billion after shares of Truth Social owner Trump Media & Technology Group fell Monday after reporting big losses and little revenue last year, according to CNN.
Shares of Trump Media fell 21% on Monday, though they are still up nearly 200% this year, according to the report.
The drop fell after the company in a regulatory filing said it lost $58 million in 2023, compared to a profit of $50.5 million in 2022. The company said it generated just $4.1 million in revenue, up from $1.5 million in 2022.
Trump owns 78.8 million shares in the new company. The stake is now worth $3.8 billion, down from about $6.3 billion just last week.
Despite the regulatory filing, Wall Street has valued the company by as much as $11 billion, though that valuation fell to about $8.8 billion on Monday.
“If your child had a lemonade stand it would make more money than this,” tech journalist Kara Swisher told CNN. “But if people are willing to pay for it, this is what people pay for. It’s inexplicable.”
Read More: Trump’s net worth drops $1 billion after Truth Social stock plummets: report