Donald Trump's biographer has
warned investors in Trump's social media platform Truth Social
that their stocks are "not at all valuable" and could "be wiped out."
Speaking on MSNBC,
David Cay Johnston,
a Pulitzer Prize-winning investigative journalist
and author of the bestselling biography The Making of Donald Trump,
commented following a
series of negative reports about the company's share value. #TruthSocial https://www.newsweek.com/donald-trump-truth-social-investors-1904822
"The Trump Media and Technology Group on Monday reported a net loss of $327.6 million last quarter, sending shares of the Truth Social owner down about 5%, closing at $48.38. And yet, that means the money-losing company is still worth north of $6 billion! 'I can’t emphasize enough how unusual it is for a company with this little revenue to have this high a valuation,' analyst Matthew Kennedy told CNN's Matt Egan."
It's crazy that Truth Social lost $327.6 million on revenue of $770,500. That's a lot of zeroes going into the dumpster for a company that's not actually doing much.
I'm not at all surprised at low their revenue was, but the expenses are baffling. Is it a one-time charge from going public via a special purpose acquisition company?
I'm sure Elon Musk is like hold my beer company when talking about setting money on fire, but how the hell do you lose $327.6 million running a not that popular Mastodon fork?
Financier Found Guilty in Trump Media Insider Trading Trial
Bruce Garelick was convicted of securities fraud for leaking confidential info about merger involving parent company of Trump's Truth Social to Michael and Gerald Shvartsman who made $23mil - both pleaded guilty to securities fraud.
Garelick was a former board member of Digital World Acquisition Corp which recently merged with Trump Media & Technology Group.
#TruthSocial: the #DJT shares are selling for around $40
the Company has a debt exceeding $48,000,000
collected approximately $7,000,000 upon his entry into the stock market
so the debt decreased to more or less $40,000,000
but (here's the scam)
the shares as a whole are worth about $8 billion !!!
How is it possible ?
Buying DJT shares is literally burning money
each share is already in debt
yet they are 'kept afloat'
as if they had a 'real' value...
You can't make this shit up. #DevinNunes (member him?), who's the CEO of #Trump's bullshit social media platform, is asking #Congress to somehow step in and rescue the company's plummeting stock. He makes ambiguous claims of "anomalous trading", backed by no evidence, to justify his ridiculous request. These people seriously expect the game to be rigged in their favor as a matter of protocol. They believe in nothing but their own entitlement.
So at 11:00 a.m. ET, #Trump posts on Truth Social calling Judge Merchan's courtroom a "kangaroo court" and calling on Merchan to recuse himself. Trump also assails the gag order, (falsely) claiming that he cannot defend himself.
This while we await a ruling from Judge Merchan on Trump's 10 violations of the #GagOrder... #TrumpTrial#legal
Greetings from physical therapy.
Hope you were like Trump's fingers when it comes to $Djt / #TruthSocial stock:
Short.
Hope you shorted.
Because that garbage is selling like the price is right hiker.
"There’s nothing technically exceptional about #TruthSocial; in fact, it’s simply a modified social-media-site tool kit called #Mastodon.
The only thing that makes it different from anything else is that Donald #Trump owns it and posts on it and has pointed his huge base of support at it as a venue.
What’s happened since the stock went public at the end of last month is not normal."
Last week, #TrumpMedia reported sales of just over $4 million in 2023 as net losses reached nearly $60 million for the full year ending Dec. 31. The company warned it "expects losses to continue amid greater profitability challenges."
If #MAGA stooges think earning $4 million on top of LOSING $60 million is a "great business," then there's little wonder why they intend to vote for #Trump.
It's because they are stupid.
Based on its claims in '21 #TruthSocial / #DJT expected to generate $114M in sales in 2023. But the company recorded just $4.1M in net sales last year and lost $58.2M. 😳
So they hit about 3.5% of their target in sales for the year, while eating into their cash reserves to the tune of $54,100,000.
#Trump Media is losing a STAGGERING amount of money & is nowhere close to being a profitable company or meeting any growth projections. It's almost like Trump's not a great businessman. 🤔💸💸💸 #Oops🤷🏼♂️
If you are having difficulty understanding how abysmal $4.1M in annual sales is for #TruthSocial (2023), for context we should consider that the average for a single Chipotle franchise nets $3M in annual sales.
Funds that bet on a fall were set to profit as the parent of #TruthSocial came under renewed pressure after it registered new shares for a potential sale.
Shares of #Trump’s #socialmedia company plunged on Monday after the company filed to register the potential sale of tens of millions of additional shares.
In a few months magats are going to be bitching that because of Biden they can't pay their rent, but in reality it was because they sunk their savings into #TruthSocial stock.