Social media company Donald Trump is plummeting on Wall Street

Trump Media & Technology Group plummeted on the New York stock exchanges on Monday. A stock exchange document revealed that former President Donald Trump’s social media company suffered a net loss of more than $58 million last year.

Source: BELGA

Today at 11:09 PM

The parent company of the platform Truth Social made its debut on the Nasdaq last week.

The stock was worth $48.66 at the close of trading after a 21.5 percent decline, down from the $49.95 at which it debuted. With the IPO, Trump can raise billions to pay his high legal costs for various lawsuits, because he owns 57 percent of the shares. But due to previous agreements, the presidential candidate cannot convert those shares into money until six months from now.

Wall Street opened on Monday after a long weekend. The stock markets were closed on Good Friday, including in Europe. The Dow Jones index closed the trading day 0.6 percent lower at 39,566.85 points. The broad S&P 500 lost 0.2 percent to 5,243.77 points and tech indicator Nasdaq rose 0.1 percent to 16,396.83 points.