Trump’s Truth Social lost $58 million in 2023, despite $8 billion valuation
- Thread starter cigaretteman
- Start date
they learned their lesson on the build the wall grift
they are evolving...
they are evolving...
Is this thing going to be kind of a cross of Game Stop meets Wolf of Wall Street.
Class action suit from investors. Probably against the board if the loses continue has to be a certainty.
Look on the bright side, Cig. Depending on how things go in November, in a year or so there'll be a ready made multidistrict litigation that can be brought by about 20 AG’s and scads of plaintiffs' securities firms, which probably can't be forestalled due to executive immunity. Now as to recovering anything...I hear that Trump's not that shy about dumping entities into the BKR process.Former president Trump’s social media company made just over $4 million in revenue last year, despite a highflying stock market debut last week that sent the company’s value soaring to more than $8 billion.
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Trump Media & Technology Group said in a new Securities and Exchange Commission filing Monday that the company lost more than $58 million last year. Its revenue in the last quarter of the year dipped below $1 million, down from its previous quarter’s earnings of about $1.07 million.
The share price of the company — which uses the stock ticker DJT, for Trump’s initials — plunged 15 percent Monday morning. The drop shaved hundreds of millions of dollars off the company’s market value.
The new financial figures throw into stark relief the gap between Trump Media’s highly hyped investor-driven valuation on the public stock market and the reality of its business performance.
Reddit, the discussion-board service that recently went public and whose shares are trading at lower prices than Trump Media, made more than $800 million in revenue last year.
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Trump Media, which makes money exclusively through advertising on Truth Social, has struggled to gain a broad audience. Truth Social’s website peaked this month at 277,000 U.S. visitors Tuesday, the first day of its public trading, according to estimates from the online analytics firm SimilarWeb. On the same day, Reddit saw more than 32 million U.S. visitors.
Trump invested no money in the company and owns about 60 percent of it — a stake worth about $4.6 billion. SEC filings last week said Trump was given 78 million shares of the company and stood to earn millions more over the next three years if the stock stayed above $12 to $17.
Trump can’t sell the shares for six months due to a provision in the company’s merger agreement, known as a lockup, unless the company’s board approves it. Cashing out early, however, could sink the stock price by flooding the market with shares and undermining investor confidence in Trump’s commitment to the brand, financial analysts said.
The board includes Trump’s son Donald Trump Jr.; Robert E. Lighthizer, Trump’s former trade representative; Linda McMahon, his former administrator of the Small Business Administration; and Kash Patel, who served on Trump’s National Security Council.
Trump Media’s chief executive, the former Republican congressman Devin Nunes, was given 115,000 shares, a stake worth about $6.9 million today. He and other board members are bound by the same lockup agreement.
Nunes is paid a $750,000 salary that is subject to increase to $1 million within two years. The company’s two chief financial officers, Phillip Juhan and Andrew Northwall, are each paid about $350,000. Nunes, Juhan and Northwall will also each receive $600,000 “retention bonuses” this month.
Patel was paid $130,000 last year through a consulting agreement. Dan Scavino Jr., Trump’s White House social media director, was also paid $240,000 last year through a consulting agreement that listed him as an independent contractor, the filing shows. He, too, will be given a $600,000 retention bonus.
The filing shows that Digital World Acquisition, the special purpose acquisition company that merged with Trump Media to take it public, paid $18 million to the SEC as part of a settlement last week.
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StOcKs Go Up AnD dOwN yOu StUpId LiBs
TRuMP is NOw WorTh 6.5 bILliOn dOLLaRs!
You're telling me this board of heavy hitters isn't a Mensa convention?
My fear is Trump wins, and he strong arms companies and foreign wealth firms to buy advertising on Truth or risk his wrath.
I’m picturing Wolf of Wall Street. A bunch of former Penny Stock brokers and ex drug dealers. Maybe a furniture salesman or two.
SURE!! 😂 TruMp NOw OweS NeaRLy a HALF BILLION DollArs In FInEs aNd PEnalTiEs.. And CouNtiNg.🤑 And CAnT AFfOrd To poST BonD. No CasH. 🤑
So you could say today was a real....bloodbath...
A plausible scenario. Except that he won’t need to strong arm them any more than the Clinton foundation did.
You probably believe that Hillary ran a pedo ring out of the basement of Comet Pizza while simultaneously grifting from the foundation.
No that’s silly, but if you really don’t believe people donated to that foundation for “access” (to use the polite term) to an expected future president, I probably can’t help you, but all you need to do is look at contributions post 2016.
Either way, the simple reality/point is that the way this works, at this level, is that no one needs to (or dares to) ask.
Pimps up , Hoes down. Guess who is the pimp and which is the hoe.
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I don’t note it as whataboutism, I note it simply to underscore that that’s how these things work.
Everything trump touches turns to crap.
The problem with the Clinton Foundation was even if it was on the up and up. With Hillary still actively trying to gain the Presidency. It was just ample opportunity for the rich and powerful to gain/maintain access with the Presidency. Can’t help you if u don’t see this as at least a huge ethical appearance issue.
Perhaps. However, her foundation was investigated within an inch of it's life. Rs spent decades trying to find openings. None could be found. Not even demonstrable ethical questions.
Now compare that to Trump's Organization. Mass fraud, more fraud, and more fraud. Finding fraud in Trump's Organization was ridiculously easy. The two organizations are not at all comparable.
Securities fraud and extortion are not normally how these things work.
Not saying they’re similar. Just that it’s something they should have avoided. On the surface it just looks bad. And confirmation bias and all.
Donald has taken time out of SAVING AMERICA, and fighting off all of the WITCH HUNT, trials, and will spend a little time suing the co-founders of Truth.
https://www.huffpost.com/entry/trump-truth-social-co-founders-lawsuit_n_660d2946e4b078af1446d4df
https://www.huffpost.com/entry/trump-truth-social-co-founders-lawsuit_n_660d2946e4b078af1446d4df
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