The accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday.
On top of discovering financial shenanigans, they probably weren't getting paid. As is Trump's wont.
That DJT stock? Winnah, winnah, we ain't gonna have no chicken dinnah. As of 12:55 today it's continuing that steep slide into oblivion, down 13.45% in price since the close of business yesterday. See www.cnn.com
Trump's stock tumbles again after Truth Social announces it's getting into streaming
www.cnn.com
New York -CNN
Investors in Trump Media & Technology Group's stock are throwing in the towel.
Shares of TMTG (DJT) tumbled 11% Tuesday after closing 18% lower Monday. Driving the stock lower Tuesday: The company's premier product, Truth Social, announced a major expansion into streaming, a notoriously cost-intensive business in which media behemoths like Disney have struggled to turn a profit.
TMTG's stock, majority-owned by former President Donald Trump, is down 70% from the all-time high it set on March 26, the day after it merged with a blank-check acquisition company to go public. Although the company is still worth billions of dollars, it is struggling to make money and desperate for cash. Experts have warned investors to be careful if they choose to trade the stock, because the company doesn't have the fundamentals to back up its sky-high valuation.
Trump Media lost $58 million in 2023 and made just $4.1 million in revenue. So, it announced Monday it would sell 21.5 million more shares to the public to raise cash " even though that would dilute the value for existing shareholders.
[...] This is gonna hurt some folks, real bad. #5 | Posted by Doc_Sarvis
Fortunately, he is "hurting the people he needs to be hurting."
@#10 ... Dead Baby bounce. ...
The phrase I've seen is "dead cat bounce."
But, yeah, the same concept.
DJT will be interesting to watch, especially the volume vs price movement.
Then there's things like this...
Investing in Trump Media is an act of faith,' expert says. Here are some risks involved
www.cnbc.com
... Trump Media[emphasis mine]
has become the latest stock to watch.
But rather than a meme stock " an investment that becomes popular for individual investors through social media " the company is more of a personality stock, according to John Rekenthaler, vice president of research at Morningstar.
"The reason that people own this stock is because, in one way or another, they support Donald Trump," Rekenthaler said.
"It's an act of faith," he said.
The former president is the majority shareholder in Trump Media, which trades under the initials of his name, DJT, on the Nasdaq. The stock got off to a rocky start this week, with two straight days of losses, though it was up more than 20% on Wednesday afternoon.
The company's mission statement is to end "Big Tech's assault on free speech by opening up the internet and giving the American people their voices back," according to its website. ...
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