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.