The stock prices for Donald Trump's Trump Media, also known as DJT, kept falling as it closed 21.47% lower when the stock market returned from the Holy Week break on Monday. This came after the company reported that in 2023, it reported a net loss of $58.2 million on revenue of just $4.1 million.

The Trump Media & Technology Group went public and began trading under the ticker DJT on the Nasdaq. It started with some big gains as Trump supporters and stock bros jumped in on DJT being a "meme stock" and boosted its stock price.

However, experts warned that this type of practice went against the fundamentals as the company had proven to be unprofitable when it went public. They predicted that the stock prices for Trump Media, which owns Truth Social, would begin going down eventually, and they did, as stock prices began to fall when markets closed last Thursday.

The filing that admitted to the company incurring a $58 million loss for 2023 did not help matters either, according to CNBC. In that filing, the Trump Media & Technology Group stated that it "expects to incur operating losses for the foreseeable future."

The filing showed that much of the loss came from $39.4 million in interest expense. It also showed that as 2023 ended, the company only had about $2.7 million in cash on hand before warning shareholders that the former president's involvement in Trump Media "could put it at greater risk than other social media companies."

Value of Donald Trump's Stake in Trump Media Falls by $1 Billion

Donald Trump holds the largest share of DJT's stocks, and before the value began going down as many had expected, it was worth about $4.88 billion on paper. However, after Monday's trading, it was valued at about $3.83 billion. This means that the value of Donald Trump's shares on DJT fell by about $1 billion, according to The Guardian.

READ MORE: Donald Trump's Truth Social Stocks Begin Going Down, as Experts Predicted

One of the company's auditors, BF Borgers of Colorado, stated that the 2023 losses "raise substantial doubt about its ability to continue as a going concern."

Despite this, CEO Devin Nunes, a former Republican lawmaker, stated that he was excited that Trump Media would be operating as a public company.

"Closing out the 2023 financials related to the merger, Truth Social today has no debt and over $200m in the bank, opening numerous possibilities for expanding and enhancing our platform," Nunes said.

Trump Media's Main Product, Truth Social, Shrinking in Number of Users

The main problem for Trump Media is the fact that its main product is Truth Social. Even though Donald Trump himself uses the app frequently, this does not mean that his supporters, even the most fanatical ones, do so, with many preferring X, Facebook, or even other far-right apps.

According to CNN Business, the app's monthly users in the US that use either the iOS or Android versions declined in February to 494,000, down 51% year-over-year. When compared to X, the former Twitter still has around 75 million monthly active users in the US alone. This is several times more than Truth Social, which could not even reach half a million users.

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This article is owned by Latin Post.

Written by: Rick Martin

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