Trump Media Shares Drop After Re-Audited Financials Reveal $58 Million Loss

New audit by Semple, Marchal & Cooper follows SEC fraud charges against former auditor BF Borgers.

Trump Media stock fell over 6% following the release of re-audited financial statements.
The company reported a net loss of $58.2 million for the year ending December 31, 2023.
The re-audit was conducted by Semple, Marchal & Cooper after BF Borgers was barred by the SEC.
BF Borgers faced SEC charges for failing to comply with auditing standards in over 1,500 filings.
Critics argue Trump Media's market valuation is disproportionate to its revenue and user base.