Donald Trump’s social network Truth Social lost a staggering $58 million in 2023, with SEC filings showing Monday that the website and app, which went public last week, lost momentum as the year went on.
Trump Media said it generated just $751,000 in advertising revenue in Q4, an over 25 percent decrease from the more than $1 million it pulled in the previous quarter. The filings list advertising revenue from Truth as Trump Media’s only revenue stream.
They revealed that most of Truth’s expenses are tied to debt. The company sought a cash infusion by going public last week, calling on those with fat pockets to invest in the network that’s dominated by Trump’s daily, often all-caps rants. It listed its valuation last week as being more than $8 billion, of which Trump owns about $4.6 billion.
Looking at numbers from Yahoo Finance…
113.48M outstanding shares
DJT shares peaked at $79.38 last week, so $9B market cap.
Shares are at $47.60 right now, so $5.4B market cap.
$3.6B evaporated in a week.
And those valuations are for a company with quarterly revenue of <$1M and dropping.
Gullible “investors” got suckered, and are now losing their shorts. HODL all the way to the bottom.
Though even if it drops further, it’s still a lucrative free money con for Trump. He didn’t have to pay for the shares he’s holding.
Most glaring example of how the stock market is made up bullshit that should be treated like the casino that it is.
Did somebody say buy puts on $DJT?
I assume when it conti continues to dive and trump tries to offload his shares, that it will crater more and then go bankrupt or be delisted. I hope that any dodgy dealings of using it to launder money will now be able to be better scrutinised as a public company.
Assuming trump didn’t pay for the shares and hasn’t booked them as a profut, he can’t offset their loss in vakue?
He has an auditor on the fraud trial for all things trump related, but I’m not sure it would include something like truth social. Anyone know? His laundering days are severely limited right now, but I’m not sure if they’re entirely gone.