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Drudge Retort: The Other Side of the News
Tuesday, April 02, 2024

An auditor has raised doubts about the ability of Donald Trump's publicly traded company to stay in business, according to a new regulatory filing. Trump Media and Technology Group, which operates the Truth Social platform, reported it lost $58.2 million in 2023 while generating total revenues of $4.1 million, according to the Monday filing with the Securities and Exchange Commission.

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Another day, another Trump bankruptcy.

#1 | Posted by reinheitsgebot at 2024-04-01 03:22 PM | Reply | Newsworthy 1

Thank goodness all those people bought in at $60 per share.

Another day, another grift by Donny J Fraud.

Troth Social had $4mil of revenue and $62mil of expenses. Those are some solid operations.

Heckuva job Brownie.

#2 | Posted by Nixon at 2024-04-01 03:27 PM | Reply | Funny: 1

Trump media shares are going down almost as fast as bunker bitch did at the Helsinki Summit.

thehill.com

#3 | Posted by reinheitsgebot at 2024-04-01 03:37 PM | Reply | Funny: 1

This was always just another plan to fleece the morons.

#4 | Posted by jpw at 2024-04-01 04:23 PM | Reply

"Thank goodness all those people bought in at $60 per share."

Apparently it went up to $78/share at the opening.

LOL

#5 | Posted by truthhurts at 2024-04-01 04:36 PM | Reply

www.reuters.com

Trump's media company valued at almost $8 bln in strong Wall St debut

The stock closed 16% higher at $57.99, valuing the company at nearly $8 billion.
Trump's majority stake in TMTG was last valued at about $6 billion, although lock-up restrictions for six months could prevent him from selling or borrowing against his shareholding.

So running some back of the envelope numbers

there are around 138,000,000 shares of TMTG

------- controls around 103,000,000

------- lost like $1.6Billion today. LOL

#6 | Posted by truthhurts at 2024-04-01 04:44 PM | Reply

Can someone explain something to me?

How is a company with $4 million in income valued at $8 Billion?

I especially like how the valuation per subscriber is like $1,096 compared to Redditt's $148/subscriber or twitter's $80/subscriber.

I mean what does Truth Social offer beyond -------- posts?

Something just doesn't make sense.

The $4 Million Income against $58.2 million in Losses, with 1/3 of the losses being operating expenses (the other being financing) so neither are going away.

How does one change his business model to increase income dramatically?

He must have known this, right?

Why go public?

This stock can't be worth more than $1 or $2/share realistically, right? Or more precisely worth nothing, right?

Ain't capitalism grand?

#7 | Posted by truthhurts at 2024-04-01 04:51 PM | Reply

Where all the broke MAGATs at?

#8 | Posted by LegallyYourDead at 2024-04-01 04:59 PM | Reply

pretty weird how the guy who failed at running a real estate empire and failed at running casinos and failed at running an airline and failed at running a football team and failed at running for reelection has now failed at running his crappy Truth Social app, who could have foreseen that this ------- ----------- would fall on his stupid face once again

~ Jeff Tiedrich ~

#9 | Posted by reinheitsgebot at 2024-04-01 11:05 PM | Reply

How is a company with $4 million in income valued at $8 Billion?

BINGO.

When you go on the app you get bombarded with ads for ----- pills, extended car warranties, hearing aids and magat merch.

The only reason for that valuation was that sh*tler posts there exclusively. He's 78. Once he assumes room temperature what good is that app going to be?

#10 | Posted by Nixon at 2024-04-02 07:35 AM | Reply

One also has to scrutinize why the merger was one week BEFORE the auditor released these dismal results.

The timeline stinks and I am sure lawsuits will follow.

www.businessinsider.com

For one thing, TMTG, which owns the conservative Twitter copycat Truth Social, makes basically nothing. According to a new financial filing from the company released on Monday, its total revenue was $4.1 million in 2023. Extrapolate that out, and the stock is trading at something like 2,000 times the company's annual revenue. That is, um, high. Apple, for example, trades at about seven times its total revenue. And given TMTG's paltry revenue, it actually lost $58 million last year.

Truth Social had an estimated 5 million monthly website visits in February of this year, according to third-party trackers, but the company isn't revealing exact metrics right now. By comparison, Facebook had 845 million monthly active users when it went public in 2012, and Twitter had 215 million when it IPO'd the following year. The long and the short of it is that TMTG is not a thriving business.

#11 | Posted by Nixon at 2024-04-02 08:16 AM | Reply

I don't get it. Are the MAGAts running low on funds? Orange Messiah needs help White People! Cash in your cross-burning savings accounts and sell your Klan robes!

#12 | Posted by censored at 2024-04-02 03:54 PM | Reply | Newsworthy 1

@#7 ... How is a company with $4 million in income valued at $8 Billion? ...

Simple...

People buying shares, not because of the company's value, but because of the cult.

How long will it be before some wake up and realize what they have done?

Time will tell...

#13 | Posted by LampLighter at 2024-04-02 04:03 PM | Reply | Newsworthy 1

"This was always just another plan to fleece the morons."

It's worse than that.

It's a conduit for foreign interests (Putin) to funnel money into the Trump campaign.

Fleecing American Low Information Voters is just the icing on the cake.

#14 | Posted by snoofy at 2024-04-02 04:08 PM | Reply | Newsworthy 2

#12

OK... that creeped me out.

#15 | Posted by Corky at 2024-04-02 04:41 PM | Reply

Then there's this...

Trump Sues Co-Founders of Truth Social Media Company Over Shares
www.bnnbloomberg.ca

... Donald Trump has sued two co-founders of his newly public Trump Media & Technology Group Corp., claiming they set the company up improperly and shouldn't get any stock in it.

In the latest legal skirmish over who gets how much of the hot but flailing meme stock, Trump alleges that Andy Litinsky and Wes Moss violated an agreement about the setup and don't deserve their 8.6% stake, currently valued at $606 million.

The lawsuit, which was filed on March 24 in Florida state court and hasn't previously been reported, comes after the pair brought their own suit against the former president in Delaware Chancery Court over their promised stake in the the social media company. ...


The article goes into more detail about the lawsuit and the backstory.

#16 | Posted by LampLighter at 2024-04-02 04:44 PM | Reply

DJT rallied today (4/2) and closed up 5.9%, at $51.45. Remember: Der Dotard is a seller, not a buyer, at any level. He has zero interest in running this flea market operation of a social network platform. His board of directors will likely not grant him him the ability to sell out before the lock-up period expires in about six months. No word yet on whether he will be able to write put options, or pledge his shares as collateral. (Of course, with the volatility of the issue, only a fool of a lender would lend on DJT shares without a big, big haircut on the value). I'll wager that legal or not, he has already put his shares at the IPO price, if not higher, so that he can get out as soon as he can. As for those who bought today and drove up the share price, all of those buyers have been self-identified as greater fools. I suspect that at this point folks are buying in hops of ANY rally, at which point they can get out. Even the dumbest of Trump supporters recognize that the company has no value and investors will get hurt bigly...

#17 | Posted by catdog at 2024-04-02 04:49 PM | Reply

"lost $58.2 million in 2023 while generating total revenues of $4.1 million"

I mean, if they were developing a potential blockbuster drug, this wouldn't look so bad...

#18 | Posted by snoofy at 2024-04-02 04:50 PM | Reply

OK... that creeped me out. #15 | Posted by Corky

Yeah, me too. Some real horror movie energy.

Only slightly scarier than the original, though.

#19 | Posted by censored at 2024-04-02 05:13 PM | Reply

19

nu-uh.... not clicking on it.

It might be JeffJ's face!

#20 | Posted by Corky at 2024-04-02 06:13 PM | Reply | Funny: 2

NASDAQ pink sheets for DJT are a comm'n...

#21 | Posted by Yodagirl at 2024-04-02 09:45 PM | Reply

Truth Social prices are being artificially buoyed just as GameStop stock was at one time.

GameStop stock was up to $483 ... before it fell to $11.

And Trumpy's Social doesn't even produce a real product. (Unless you consider hate and division a product.)

#22 | Posted by donnerboy at 2024-04-03 11:50 AM | Reply

Investors linked to Trump's Truth Social IPO plead guilty to insider trading

www.reuters.com

#23 | Posted by reinheitsgebot at 2024-04-03 04:05 PM | Reply

Trump Media saved in 2022 by Russian-American under criminal investigation

www.theguardian.com

The demented orange pedo is a Putin stooge.

#24 | Posted by reinheitsgebot at 2024-04-03 04:22 PM | Reply | Newsworthy 1

#24 | Posted by reinheitsgebot

Russian money launderer, no less.

Trump's been in bed with Russian money launderers since he started selling them real estate in the 90's. Even his son, Eric, said at one point they don't need loans from American banks because "we have all the funding we need from Russia." (sic)

#25 | Posted by AMERICANUNITY at 2024-04-03 04:26 PM | Reply

BTW, Truth Social saw a 23% decline in users last month, and a nearly 40% decline in price per share in 5 days.

With a 1487-1 NEGATIVE price ratio, and tens of millions in losses, only fools "invest" in this worthless company.

What will they buy bibles or gaudy sneakers with when it's bankrupt or delisted?

#26 | Posted by AMERICANUNITY at 2024-04-03 04:32 PM | Reply

Right on cue:

Trump is suing the founders of Truth Social because he's Trump. They brought the deal to him but he now alleges that they don't deserve their $606 million (on paper) stake in the company. They sued him in Delaware; he's suing them in Florida. Hot mess: https://t.co/4yfB0E3acz

- Tim O'Brien (@TimOBrien) April 2, 2024

#27 | Posted by AMERICANUNITY at 2024-04-03 06:54 PM | Reply

This news makes my ------- harden
with glee.....eheheheheheee...lols.

#28 | Posted by earthmuse at 2024-04-03 08:45 PM | Reply

Here are the names of the Board of Directors for Trump Media & Technology Group:

Devin G. Nunes Chief Executive Officer and Director.
Eric Swider Director.
Donald J. Trump, Jr. Director.
Kashyap "Kash" Patel Director.
W. Kyle Green Independent Director.
Robert Lighthizer Independent Director.
Linda McMahon Independent Director.

Look at who's Chief Executive Officer.

#29 | Posted by Twinpac at 2024-04-04 06:34 AM | Reply

"The $4 Million Income against $58.2 million in Losses, with 1/3 of the losses being operating expenses" (thank you Truthy)

Have they checked the pay stubs of the Board of Directors yet?

Or the kickbacks they owe Trump for their jobs?

#30 | Posted by Twinpac at 2024-04-04 07:30 AM | Reply

Can someone explain something to me?

How is a company with $4 million in income valued at $8 Billion?

I especially like how the valuation per subscriber is like $1,096 compared to Redditt's $148/subscriber or twitter's $80/subscriber.

I mean what does Truth Social offer beyond -------- posts?

Something just doesn't make sense.

The $4 Million Income against $58.2 million in Losses, with 1/3 of the losses being operating expenses (the other being financing) so neither are going away.

How does one change his business model to increase income dramatically?

He must have known this, right?

Why go public?

This stock can't be worth more than $1 or $2/share realistically, right? Or more precisely worth nothing, right?

Ain't capitalism grand?

#7 | Posted by truthhurts

Simple and obvious - it's a way for any rich corrupt tyrants to funnel money to trump and influence his policies. "If you don't lift sanctions on russia, putin dump's his DJT stock, and trump's net worth plunges"

#31 | Posted by SpeakSoftly at 2024-04-04 01:00 PM | Reply

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