Truth Social
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Oops. Hope nobody here put all there money in this stock.
https://abcnews.go.com/US/shares-trumps-truth-social-drop-20-after-company/story?id=108721538
Shares of former President Donald Trump's social media platform dropped more than 20% on Monday after the company disclosed a net loss at the end of last year of more than $58 million.
The decline erased $2 billion in value and, with it, the value of Trump's majority stake of 57%.
Before Trump Media and Technology Group joined forces with a shell company to go public last week, "management had substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due," the company said in a regulatory filing.
The company also conceded that "TMTG's success depends in part on the popularity of our brand and the reputation and popularity of President Trump. The value of TMTG's brand may diminish if the popularity of President Trump were to suffer."
@taiwan_girl said in Truth Social:
Before Trump Media and Technology Group joined forces with a shell company to go public last week, "management had substantial doubt that TMTG will have sufficient funds to meet its liabilities as they fall due," the company said in a regulatory filing.
So ... another Trump bankruptcy approaching?
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I wonder how many of his less financially sophisticated followers blew their life-savings on those shares.
(And before I'm accused of being a condescending asshole I should admit that I consider myself financially unsophisticated when it comes to trading. Without a time-machine I'm never going to make any money)
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Former President Donald Trump has sued the co-founders of Truth Social, alleging they mismanaged the social media platform early on and should therefore lose their stock in the company, which recently went public.
In papers filed last week in Florida state court, Trump Media & Technology Group Corp. argued that executives Wes Moss and Andy Litinsky made a series of costly mistakes that resulted in a long delay in the company’s going public and urged a judge to strip them of their shares in the company.
The pair, who were contestants on Trump's NBC show "The Apprentice," had pitched him on the idea of Truth Social after he was banned from what was then known as Twitter following the Jan. 6, 2021, attack on the Capitol.
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https://newrepublic.com/post/182515/trump-media-stock-tanks
Trump Media stock is once again slumping.
Donald Trump’s social media venture reaudited its finances and filed them with the Securities and Exchange Commission Monday, confirming that the company had a whopping net loss of $58.2 million in 2023. As a result, Trump Media shares dropped more than 6 percent Monday afternoon.
The company had to change auditors last month after its previous firm, BF Borgers, was charged with “massive fraud” and subsequently barred from ever serving as accountants again.
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https://newrepublic.com/post/182515/trump-media-stock-tanks
Trump Media stock is once again slumping.
Donald Trump’s social media venture reaudited its finances and filed them with the Securities and Exchange Commission Monday, confirming that the company had a whopping net loss of $58.2 million in 2023. As a result, Trump Media shares dropped more than 6 percent Monday afternoon.
The company had to change auditors last month after its previous firm, BF Borgers, was charged with “massive fraud” and subsequently barred from ever serving as accountants again.
@taiwan_girl said in Truth Social:
The company had to change auditors last month after its previous firm, BF Borgers, was charged with “massive fraud” and subsequently barred from ever serving as accountants again.
The Just Us Department at work, no doubt.
I was only joking
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@taiwan_girl said in Truth Social:
The company had to change auditors last month after its previous firm, BF Borgers, was charged with “massive fraud” and subsequently barred from ever serving as accountants again.
The Just Us Department at work, no doubt.
@Doctor-Phibes said in Truth Social:
@taiwan_girl said in Truth Social:
The company had to change auditors last month after its previous firm, BF Borgers, was charged with “massive fraud” and subsequently barred from ever serving as accountants again.
The Just Us Department at work, no doubt.
Just “Я” Us
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The new audit confirmed total revenues for 2023 were $4.1MM.
Less than the average chik-fil-a restaurant.
@jon-nyc said in Truth Social:
The new audit confirmed total revenues for 2023 were $4.1MM.
Less than the average chik-fil-a restaurant.
And Truth Social is open on Sundays!
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Facebook revenues were $134B. Every 15 minutes or so Facebook took in as much as truth social did all year.
@jon-nyc said in Truth Social:
Facebook revenues were $134B. Every 15 minutes or so Facebook took in as much as truth social did all year.
Even The Failing New York Times manages $2.4B
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DJT keeps falling; near all-time low.
“Judge rules Trump Media breached stock contract with early investor”
https://www.cnbc.com/2024/09/17/djt-trump-media-stock-lawsuit-lockup.html“Trump's media stock falls before insider trading restrictions lift”
https://www.reuters.com/markets/us/trumps-media-stock-falls-before-insider-trading-restrictions-lift-2024-09-17/“DJT stock: Donald Trump’s stock falls near all-time low”
https://www.fastcompany.com/91192505/djt-stock-donald-trump-media-stock-falls-near-all-time-low-truth-social
