Trump Media — owner of Truth Social app — reports losing $16M as revenue plummets 30%

Donald Trump's company, Trump Media — owner of the social media app Truth Social — reported losing $16 million as revenue plummeted 30% from the same period last year, CNBC reported Friday.

The stock price for the social media company, whose namesake, Trump, is the majority shareholder, fell from more than $71 per share in March to a meager $26 on Friday afternoon, according to the report.

Trump Media's reported loss comes after it reported a $22.8 million loss for the same period last year. About half of the loss for the most recent quarter was due to legal fees stemming from Trump Media’s merger with Digital World Acquisition Corp., the company said.

Meanwhile, its revenue of $839,000 — down from $1.2 million for the same period last year.

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The report comes after Trump reportedly lost more than $267 million in June as the value of Trump Media fell.