It’s been so entertaining watching this Trump/Nunes pipedream, Truth Social, shapeshift in the realm of smoke and mirrors. It will live long in the annals of the stock market. Truth Social was always a balsa wood castle erected on quicksand. It was doomed to collapse when the slightest financial breeze blew, because it had no foundation, no structure, and no product. Truth Social was designed to capitalize on Donald Trump’s brand and that alone was supposed to bring in tons of money. Daily Beast:
Trump Media & Technology Group, the company that owns Truth Social, on Monday posted an alarming loss and less than $1 million in revenue in its first quarter since going public.
Trump Media, which began trading in March under the ticker symbol DJT, reported $770,500 in revenue—crediting its “nascent advertising initiative”—down from $1.1 million last year.
However, it also reported a net loss of $327.6 million during the first three months of the year, as compared with a loss of $210,300 a year ago.
Dunes said the company was “well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship.”
The quarterly filing comes after the Securities and Exchange Commission charged Trump Media’s former auditor, BF Borgers, with “massive fraud” earlier this month. Trump Media dismissed the accounting firm on May 3, and notified federal regulators last week that the shakeup would delay the filing of its quarterly earnings report.
And the streaming platform roll out doesn’t seem to be happening, surprise, surprise. You may remember that canceled TV shows were going to make money for Trump, somehow. Let’s see what the Q2 filing looks like. Unless something very different starts happening, Truth Social is muddling along on the stock exchange at $48 and change, down from it’s $80 a few months ago. Generally speaking, this is not a good sign. But maybe Trump will pull a rabbit from a hat. Who knows? I daresay that right now this minute, he’s more worried about a criminal conviction in the hush money trial than in paying attention to his social media platform, but maybe not. Maybe he’s got a plan.
what in the hell did they spend 327 million dollars on?
DJT seems to be holding steady in the $50 range, propped up by a combination of true believers and optimistic day traders surfing the ups & downs. If you look at the stock price graph, it’s a jagged line going nowhere, but with lots of little surges to fuel speculators.
UMMM no $44 is not near $54
In a society that has non-fungible tokens, “art” that exists only online, and other such things that really don’t exist but command not only prices but high ones at that, I can see trump and nunes providing nothing and expecting that nothing to sell and make a profit. I see no difference between t.s. and bitcoin. They both only have value if people believe that value exists. Non-fungibles, t.s., and the rest of that crap is proof positive that there truly are suckers born every minute and for the sleazebags of the world not to take advantage of those suckers would be unheard of-it just would not happen. If there is one constant with humans, it is greed. The problem t.s. ran into was trump and nunes. A more incompetent team would be hard to find and the one actually running things was a man who tried to sue (and lost the lawsuit) a twitter account called Devin Nunes Cow. These two could have been selling the most exquisite gems in the world and still would have f*cked things up and lost money.
The NY Times story on this filing describes it as “lackluster.” They’re worse than Fox!