Trump announces new social media network called 'TRUTH Social'

Still a sound chart

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gwb-trading said:
There are MAGA idiots too stupid to know that they are the ones being scammed and will be left holding the bag.

The People Who Bought Stock in Trump's Truth Social Are Very Angry
Not at Truth Social. They’re angry at the “dark pools” and “naked short sellers” who are preventing them from getting rich.
https://www.thebulwark.com/p/the-people-who-bought-stock-in-trumps

Bloomberg’s Jason Leopold filed a bunch of FOIA requests with the SEC about Trump’s Truth Social. (DJT is the stock ticker, so that’s what I’m going to refer to it as since “Trump Media & Technology Group” is unwieldy.)

There are a lot of shady things about DJT. For instance, in its last quarter it reported gross revenues of $800,000 and net losses of $327 million. Also: It has a market capitalization of $8 billion. With a “b.” Not a typo.

Let me give you a sense of scale. I am not privy to Heather Cox Richardson’s financials, but I know a lot about the economics of Substack. Her newsletter—which is excellent—probably brings in 8x the annual revenue of DJT and her total costs are basically her time. So if Heather Cox Richardson’s newsletter was a publicly traded company and it was valued at the same P/E ratio as DJT, then she’d be worth more than the entire market capitalization of APPL and MSOFT combined.1

My point: DJT is not a business.

You could make the case that it’s an NFT—a token that people buy to display their fealty to Trump’s brand. No different, really, than a bumper sticker or a flag.

Or maybe it’s just a memestock—a publicly traded roulette wheel on which people gamble for entertainment purposes.

But I propose that DJT is best understood as an exotic financial instrument that facilitates the voluntary transfer of wealth.2

What’s funny is that when Jason Leopold got hold of SEC complaints about DJT, for the most part they were not from people waving red flags about how this publicly traded company might be a scam.

Oh no.

The People were complaining that dark, shadowy forces were preventing DJT’s stock price from going even higher.

(More at above url)
More...

gwb-trading said:
Let's see what the second lowest bidder auditing firm has to say about the DJT financials.

Trump Media shares fall over 5% after new SEC filing with reaudited financial statement
https://www.cnbc.com/2024/06/10/djt-trump-media-files-re-audited-financial-statement.html
  • Trump Media submitted an updated inspection of the company’s finances by a newly hired public accounting firm after its last auditor was charged with fraud.
  • The media company is majority-owned by former President Donald Trump and trades as DJT on the Nasdaq.
  • Trump Media hired Semple, Marchal & Cooper, LLP days after the SEC charged its prior auditor, BF Borgers CPA, with “massive fraud.”
Trump Media on Monday submitted an updated inspection of the company’s finances by a newly hired public accounting firm, after its last auditor was charged with fraud by the U.S. Securities and Exchange Commission.

Shares of Trump Media ended the trading day down more than 5%.

The media company, which is majority-owned by former President Donald Trump and trades as DJT on the Nasdaq, said its revised registration statement includes a reaudit conducted by the Phoenix, Arizona-based firm Semple, Marchal & Cooper, LLP.

The company behind the social media platform Truth Social said in a press release that its latest filing amends a registration statement from mid-April and is not offering any new shares.

The SEC said BF Borgers and its owner, Benjamin Borgers, agreed to pay a combined $14 million in civil penalties and submit to permanent bans from auditing public companies.

Despite Monday’s stock drop, Trump Media boasts a nearly $7.5 billion market capitalization, which critics say is wildly disproportionate to the small amount of revenue the company has reported earning.

Data shows that the company’s sole product, Truth Social, appears to be struggling to hold on to its user base, which already generates just a tiny fraction of the traffic enjoyed by established social media giants such as X and Facebook.
More...


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Just like his hotel in Washington D.C.; Trump is using Truth Social as a grift to collect money from supporters who want support of his administration and to provide large donors a form of payback. Trump'b businesses pose a significant conflict of interest.

Trump Media quietly enters deal with GOP donor who could benefit from a second Trump administration
The deal with energy magnate James E. Davison shows how Trump's stake poses a conflict of interest
https://www.salon.com/2024/07/30/me...benefit-from-a-second-administration_partner/

(Lengthy article)
 
gwb-trading said:
Trump’s Truth Social Tanks For Third Straight Month, Records Second Lowest Audience Since Launch: New Report
https://www.mediaite.com/politics/t...cond-lowest-audience-since-launch-new-report/
More...

More details...

Trump’s Truth Social nears lowest audience mark since its launch, report says
Decline in audience comes as former president’s social media company recently inked deal to stream TV on platform
https://www.independent.co.uk/news/...h-social-trump-audience-decline-b2589169.html
 
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