Oh, what a week this is shaping up to be and my gawd, it’s only Monday morning! Donald Trump is going to throw a case of ketchup when he hears this and slash his wrists with the shards. Forbes, the financial magazine that Trump lied to for many years, padding his wealth, just reported that he has hemorrhaged 550 million dollars in the past year and his net wealth has dropped from an estimated $3.2 billion to $2.5 billion today. And bear in mind, that is real estate mostly, which is leveraged to the hilt.
And guess what? Most of this is due to Truth Social being the money suck that it is. And it’s only going to get worse. On Sunday the New York Times reported that the two entities tied to Truth Social that are attempting to merge are facing a September deadline to get SEC approval to avoid having to refund approximately $300 million dollars to investors which could lead to a collapse.
That’s a mere five months from now and this is happening as Trump is attempting to raise bags of money from the “rocket fuel” of his indictment. And let me assure you, I’ve been following this Truth Social story from the very beginning and delays and temporary infusions of cash are all that has kept it from going under already. This is how Trump does business, with spit and bailing wire, until he just can’t hold it together anymore.
This news explains Trump’s latest post on how smoking hot Truth Social is. He goes out of his way to hype his mini-social media site from time and time and this time I know why.
He dumped that into the usual “witch hunt” and “America’s going to hell” posts. No, Donald, Truth Social is going to Hell and taking you along with it. Forbes:
The hype never lined up with reality. In December 2021, a group of big-money investors promised to inject $1 billion in cash into the venture—but only if they got a sweetheart deal. By that point, shares were trading for $45 on the open market. But under the agreement, the new investors would be guaranteed a profit as long as the shares stayed above $10. When previously estimating the value of Trump’s stake, Forbes used that $10-per-share figure and came to $730 million. […]
That still seems absurdly high. The fundamental problem is that barely anyone uses Truth Social. Before it launched, an investor presentation suggested the app would attract 81 million users by 2026. Now, over a year after going live, it has only an estimated 5 million. Given that Trump owns roughly 85% of the business and Twitter is worth an estimaÂted $42 per user, the former president’s stake probably adds up to about $180 million today.
Even that might be too much. Truth Social is adding an estimated 100,000 users per month. If people continue to join at the current pace—and assuming that no one quits or dies—Truth Social will not hit its projected 81 million users until 2086. By that point, Trump would be 140 years old. A more likely outcome: Truth Social will join Trump Steaks, Trump University and GoTrump.com in the graveyard of failed Trump ventures.
OMG. this is a side splitter and the day before he has to shuffle into Manhattan to be arraigned and play tough guy. And now the financial world is howling with laughter on top of the criminal and civil justice worlds shaking their heads.
Trump will, of course, stay at Trump Tower tonight, one of the buildings about which he has been lying for years. He’s always exaggerated the size of its square footage, ergo the numbers generated on the building’s worth can’t possibly comport with reality.
And this is who the GOP will put on the 2024 ticket? So it would appear. This is the standard bearer for the party of fiscal conservatism. Make note of it, my friends. Note it well. This is who the GOP put on their ticket as it it died a horrible death.
Forbes has finally figured out that he’s been lying about his wealth for decades!
The best part of him staying in his “penthouse” is it has STAIRS. Hold on tight with your tiny hands, Donald! The “stair cancer” has already hit close to you in your family and Uncle Pooty is likely not happy your flabby ass is being hauled into court to face charges!
The repugs have a thing for cons and criminals (Nixon, Reagan, Bush I & II, tRump) so of course they’ll return him to the 2024 ticket. None of the current crop of clown contenders has quite the dark, malicious side as Rump, though Pompass has criminal and bombast potential if anyone cares enough to vote for him. So many scumbags, not enough lions.
Why do they not tell you if it is net-worth or gross assets. He could be in the hole if his concrete assets such as buildings, fixtures, equipment, and receivables were reduced by depreciation and all liabilities. Oh, also they should use the book value of assets and not the bogus appraised value.
Book value is probably greater than the appraised value as he always seems to pay too much for golf clubs and such. It is called the art of the deal.
You know, it really sucks that we all know so much about this clownish monster.
He over-values his real estate for sales and licensing, and undervalues it for taxes. But most of his wealth is from licensing his increasingly-worthless name.
His real estate holdings are leveraged to the hilt-regardless of their valuations. And the bill is coming due. I expect he is going to be living off of his prez retirement in the near future.
BIH (burn in hell – opposite of RIP) Bullshit Social and the horse you rode in on.
Truth Social is hot, hot, hot because it is going to hell-and it’s nearly there.
Forbes.
They have just about the same amount of integrity as the disgraced ex-president and fat ass does.
Generally speaking, yes. But isn’t this one of the few topics on which they do have actual credibility?